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Input: Sebastian Quinn-Watson  of Blockchain Global  a bitcoin exchange operator   said the crackdown is just a temporary reaction to the explosive growth of the cryptocurrency market this year. Initial coin offerings  a fundraising method in which companies issue their own cryptocurrencies to potentially raise millions of dollars  alarmed regulators and forced them to take action to reign in the markets to prevent a possible crash  according to Quinn-Watson. On September 4 regulators in China deemed ICOs  which have raised over $2 billion this year  illegal.
 Quinn-Watson  who speaks frequently with regulators   said  he  expects the regulatory pendulum to swing the other way eventually. Here's Quinn-Watson (emphasis added):
 He  told Business Insider regulators are considering to allow companies to run ICOs through a government-supervised pilot program.
Still  not everyone agrees with  Quinn-Watson . Jim Stent  author of "China's Banking Transformation" said China's crackdown is permanent  according to reporting by CNBC.

Bitcoin price stable despite China crackdown