Analysis

SEC Puts Crypto Exchanges On Notice With First Settlement

Law360 (November 8, 2018, 6:35 PM EST) -- The U.S. Securities and Exchange Commission settled its first-ever enforcement action against an unregistered cryptocurrency exchange Thursday as the agency continues to target a variety of market participants beyond the token issuers themselves.

The SEC had accused Zachary Coburn, founder of the cryptocurrency exchange EtherDelta, of violating federal securities laws by trading digital assets that were considered securities without first registering the exchange with the agency. Almost all of the trades on EtherDelta that the SEC investigated were made after the agency issued The DAO Report last year, which specifically stated non-exempt exchanges must be registered.

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