Sale of digital coins in the United States are subject to the country’s securities laws, the U.S. Securities and Exchange Commission declared on Tuesday, possibly marking the beginning of the end for the altcoin era.

The commission has been investigating the tokens offered and sold by The DAO, the ethereum project that lost close to $60 million worth of ether in an attack that took advantage of a code issue.

The so-called “DAO tokens,” according to the SEC, are considered securities, and therefore, fall under the federal securities laws. Issuers of blockchain-based securities are required to register their offers and sales unless a valid exemption applies, and those who participate in unregistered offerings may be liable for violations of the securities laws.

Although it was described as a “crowdfunding contract,” the SEC said the DAO would not have met the requirements of the Regulation Crowdfunding exemption because it was not a broker-dealer nor a funding portal registered with the commission and the Financial Industry Regulatory Authority.