By Jorge Pesok and Samuel Brylski ( August 8, 2017, 2:10 PM EDT) -- The blockchain industry has another regulator to deal with, which could send shock waves through the industry. On July 25, 2017, the U.S. Securities and Exchange Commission issued a report explaining that the "coins" issued as part of a prominent initial coin offering (ICO) were securities. Though the SEC concluded that the issuance of the coins violated the U.S. securities laws, the SEC determined not to pursue an enforcement action in the matter. The SEC's investigative report has put the blockchain industry and its participants on notice that the securities laws may apply. This has broad implications that should be considered by all market participants from issuers, dealers and promoters to underwriters and exchanges....