Never in the history of U.S. securities regulation has there been more distortion, spin and deception than in the crazy, mixed-up world of initial coin offerings (ICOs). Imagine an entire industry rising up where just about everything related to that industry is blatantly unlawful and often flat-out fraudulent. That is the nature of the ICO space and that is why it is critical to disregard much of the ICO noise and instead, focus on official government pronouncements relating to ICOs, especially enforcement actions taken by the U.S. Securities and Exchange Commission. Consider last week's announcement that professional boxer Floyd Mayweather and superstar music producer DJ Khaled pumped up ICOs without telling investors they were getting paid a promotional fee to do so.