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Smaller than before, with appropriate securities regulation and audit, I hope.

There is just no way the SEC can deal with all the new projects coming out every month. It hasn't even gone after most of the ICO's of 2017.

Why do you think it will be smaller? There are more VC funds than ever before pumping more money into the system.

VCs are about to starve; this makes everyone more selective.

Next time around, when things pick back up, expect the SEC to be engaged from the beginning.

I expect them to go after big fish like popular decentralized exchanges and DeFi projects that offer staking.