According to previous news, the US SEC has reached a settlement with Blockchain of Things, Inc. (BCOT), another ICO issuer. The company is said to have raised nearly $ 13 million after starting its ICO in December 2017. The SEC said it was an unregistered token sale and that BCOT will pay a fine of $ 250,000 as part of the settlement agreement. If the investor who purchased the token requests a refund, BCOT needs to start returning funds to the token investor. This means that BCOT only needs to pay a small amount of fines and honor investors' refund requirements to continue to exist. The Block analysis said that the SEC appears to be following a model that allows compliance with the compliance conditions to allow unissued token issuers to continue to exist. Although the Securities Law does not have much surprises in terms of encryption, it is expected that by 2020, law enforcement activities will be further strengthened in areas with open cases and less public settlements, including taxes.