Earlier this week, the US SEC cracked down on Paragon and AirFox, two initial coin offering (ICO) projects that raised $12 million and $15 million respectively in two different areas of the crypto market.

The SEC is said to have targeted EtherDelta, Paragon, and AirFox as guidance settlements and to establish a precedent across the cryptocurrency sector, and is expected to clean up every major area of the ICO market in the coming months.

At the Investment Adviser Association conference in Washington, D.C., Stephanie Avakian, co-director of the SEC's Enforcement Division, hinted that dozens of ICOs are being investigated by the SEC as of current.

Slow Grind Ahead

All three projects that reached settlements with the SEC over the past two weeks have paid relatively small penalties in the range of $250,000 to $300,000. Both Paragon and AirFox were ordered to pay $250,000 as a fine for issuing an unregistered security, despite the clear discrepancy between the amount of money raised by the two projects.