Overall, the SEC applied the U.S. Federal Securities Laws consistently with its public statements and existing case law, which led to a relatively high number of enforcement actions in 2018, associated with the unregistered non-exempt sale of securities, and/or fraud and misrepresentations in the offer or sale of securities, cited in the table above. Based on the outcome of these cases, it is reasonable to believe that the SEC will only increase its crackdown on digital asset securities by evaluating them as a security, rather than currency. However, because digital assets have limited history in the market at this point, the implications of how either classification would impact the financial market or consumers, isn’t clear. So it is also likely that regulatory activity will continue to develop in 2019 and onward, as will new use cases, and then again, more information on how they are being enforced, which often indicates the risk factors or opportunities of using them. Not to mention, this is only at the federal level in the U.S., there is additional variance in how digital assets have been and will be regulated at the state-level and internationally as well.