* regulatory statements in China and the US have yet to temper market enthusiasm for the red-hot cryptocurrency and ICO market.
Regulatory action against secondary exchanges in China may put short-term downward pressure on an overheated market, but will ultimately prove bullish.
* SEC recognition that some tokens are securities and some are not is a sensible approach that will encourage the best ideas to continue in a sandbox, while less-innovative projects will face more scrutiny.
* VC investment in blockchain companies has remained relatively flat, even as the ICO market has exploded.
* Only half of valuation step-ups in blockchain companies have outpaced the price increase of bitcoin in the same time period—though that doesn't account for survivorship bias.