The ICO market may be too small to justify regulatory action based on systemic risk concerns. However, there is a clear issue of potential concern, as ICOs are a growing component of cryptocurrency volume, which is currently in the hundreds of billions. As of June 2018, overall ICO volume was estimated at over 70 billion dollars, which is much higher than previously estimated. This remarkable growth means that the risk of overpriced ICOs is much greater than other overoptimistically priced asset classes.