US SEC Chairman Clayton Keeps Quiet on ICO, ETF Regulation Updates

The chairman of the U.S. Securities and Exchange Commission (SEC) Jay Clayton reiterated the regulator’s strict stance on Initial Coin Offering (ICO) compliance in fresh comments to CNBC Nov. 26.

Speaking in an interview with CNBC, during which presenters mentioned the recent enforcement deals with ICOs Paragon and Airfox, Clayton underlined the need to conduct public token sales with U.S. consumers in line with SEC guidelines.

“We’ve had no ICOs register [with the SEC],” he told reporters, adding:

“To the extent that an ICO is being conducted offshore or pursuant to a private placement exemption, fine; to the extent that you’ve conducted a public offering in an ICO, it’s non-compliant.”

Both the SEC and fellow regulator the Commodity Futures Trading Commission (CFTC) have adopted the perspective that while Bitcoin (BTC) is not considered a security, various ICO tokens are, subject to individual scrutiny.

“I think we’ve been clear that Bitcoin isn’t a security, but many of the ICOs that you see and talk about – they are securities,” Clayton added.

Continuing, the conversation touched on other pertinent issues affecting the cryptocurrency industry this year such as the pending decision on whether to allow Bitcoin exchange-traded funds (ETFs) to launch.

On all topics, Clayton remained tight lipped, repeating aspects of the SEC’s stance already known to the wider community.

“I’m not going to comment on timing or anything like that, but we’ve been clear on some of the issues that are of concern to us,” he said.

Paragon and Airfox, which in 2017 raised around $27 million from their ICOs, must now repay millions of dollars to investors in addition to fines after regulators found them guilty of selling unregistered securities.

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SEC Commissioner Comment on Bitcoin ETF

Latest Bitcoin News

At spot prices, Bitcoin and the altcoin market need a catalyst, something that investors have been waiting for. And from the look of things, the SEC approving any of the nine Bitcoin ETF proposals mean indirect regulation of the space and the automatic entry of institutions as well as other high net-worth investors desirous of regulation.

That may be a long short and a possibility that might rub Bitcoin and crypto maximalist the wrong way but according to Hester Peirce—while talking in a recent podcast, a SEC commissioner who recent dissented the SEC decision to bin Winklevoss Bitcoin Trust, a Bitcoin ETF proposal, said a Bitcoin ETF is a possibility though she was unwilling to further divulge on whether it was inevitable.

Read: France’s Regulators Issues Warning over Purchasing Bitcoin from Tobacconists

All in all, Hester said SEC has invited specialist to advise them on crypto and the prospects of Bitcoin ETFs and this has made them take a cautious stand. According to her, the commission should not disregard the rules that have been in place for years just because the recent application is “crypto”.

Also Read: Bitcoin Cyber Monday: Deals, Shopping Tips, and Discounts

Hester completely disagrees with the SEC assessment that Bitcoin is not ripe, regulated and respectable enough for the commissions oversight. She feels that the SEC is overstepping their mandate and acting as interventionist. This is dangerous as it could stifle innovation.

BTC/USD Price Analysis

Weekly Chart

Obviously, the path of least resistance is southwards and as long as BTC prices are trading below the minor resistance zone of $4,500 and $4,700 then we might as well see further declines in days to come.

At spot rates, BTC/USD is down 22 percent in the last week and with new lows, the bear breakout pattern of the last two weeks is clear and valid.

If anything, it would be ideal for short sellers to enter on every pullback towards $4,500 in lower time frames as laid out in previous BTC/USD trade plans. However, losses below last week’s lows at $3,700 would trigger another wave of sell pressure towards $3,000—our first bear target.

Daily Chart

BTC/USD Price Analysis

This is the 13th day of bears that has so far wiped off $1,500 after Nov 14 sharp drops. And bears are not showing signs of slowing down. If anything, we anticipate further declines as aforementioned with the first logical bear target being the support line of $3,000.

Ideally, what we would like to see out of this minor consolidation is a retracement fading the slump as buyers temporarily test $4,500–$4,700 zone.

It’s a tall order for buyers to pull such a feat. However it will be invalidated if there are drops below $3,700. This way, prices could dip towards $3,000 in line with our previous BTC/USD trade plan.

All Charts Courtesy of Trading View

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

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ICO Issuers Settle Registration Charges With SEC

The U.S. Securities and Exchange Commission (SEC) has agreed to settle charges with two startups that sold tokens through Initial Coin Offerings (ICOs) in 2017. The companies were charged by the SEC for running their ICOs after the regulator clearly defined such offerings as unlicensed securities in its DAO Report of Investigation. The startups indicted by the SEC are Boston-based Airfox, which sold $15 million worth of tokens, and Paragon Coin, which raised $12 million selling tokens. 

“We have made it clear that companies that issue securities through ICOs are required to comply with existing statutes and rules governing the registration of securities,” Stephanie Avakian, co-director of the SEC’s Enforcement Division, explained in a release. “These cases tell those who are considering taking similar actions that we continue to be on the lookout for violations of the federal securities laws with respect to digital assets.”

The two cases happen to be a first for the commission where civil penalties were imposed for “ICO securities offering registration violations,” and they follow the commission’s first non-fraud case against Munchee Inc. in 2017, when it stopped the startup’s token offerings and instructed the company to return proceeds to investors.

The companies involved have, however, agreed to settle the case without admitting to or denying the findings from the regulator. Each company will pay a $250,000 fine to the SEC and compensate investors who purchased the tokens. Both startups are also required to register their tokens as securities and to file periodic reports to the SEC.

Steven Peikin, co-director of the SEC’s Enforcement Division, believes the new model affords investors the ability to be compensated for purchasing unregistered securities.

“By providing investors who purchased securities in these ICOs with the opportunity to be reimbursed and having the issuers register their tokens with the SEC, these orders provide a model for companies that have issued tokens in ICOs and seek to comply with the federal securities laws.”

This is the SEC’s second settlement in less than 30 days. Just last week, it reached an agreement to settle charges leveled against the founder of decentralized exchange EtherDelta, Zachary Coburn. Coburn, who had been accused of running an “unregistered national securities exchange,” agreed to pay more than $300,000 in penalties. As detailed in its end-of-the-year report, 2018 has been a busy year of enforcement for the regulatory agency as it continues to crack down on unregistered cryptocurrency companies.

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US SEC Levies ‘First’ Civil Penalties Against Two ICOs for ‘Unregistered’ Securities

In a self-described “first,” the U.S. Securities and Exchange Commission (SEC) has imposed civil penalties against two Initial Coin Offerings (ICOs) solely over their failure to register their token sales, according to an official Nov. 16 press release.

The SEC states it has reached settlements with two ICO companies, CarrierEQ Inc. (Airfox) and Paragon Coin Inc., both of whom reportedly conducted their token sales last year after the SEC had already “warned” that ICOs could be deemed securities offerings in its July 2017 DAO Report of Investigation.

The nature of the settlements require both companies to “return funds to harmed investors, register the[ir] tokens as securities, file periodic reports with the Commission, and pay penalties” of $250,000 each.

The enforcement action implies that both Airfox and Paragon’s tokens were judged to have been securities, i.e. investments whose return was dependent on a third-party’s efforts or success. Both were thus required to have been registered with the SEC under U.S. federal law.

Airfox is a Boston-based startup that raised around $15 million worth of tokens to fund the development of its emerging markets-focused tokenized data system; ParagonCoin, for its part, raised around $12 million to develop blockchain-based solutions for the cannabis industry.

Stephanie Avakian, co-director of the SEC’s Enforcement Division is quoted as saying that “[t]hese cases tell those who are considering taking similar actions that we continue to be on the lookout for violations of the federal securities laws with respect to digital assets.”

The Wall Street Journal today reports that Paragon and Airfox have neither admitted nor denied the SEC claims. The orders in their settlements will require both companies to file third-party audited financial statements and other disclosures aimed at providing investor protection, similar to what is required of Initial Public Offerings (IPOs).

The SEC has further stated that the Airfox and Paragon cases follow upon the Commission’s “first non-fraud ICO registration case,” involving a company called “Munchee, Inc.” Munchee has reportedly returned all proceeds to investors and ceased its offering before any token issuance, thereby avoiding any penalties from the regulator.

As revealed just today, the SEC has also opened a probe into crypto loans firm Salt, once associated with high-profile crypto industry stalwart Erik Voorhees, over its 2017 $50 million token sale.

Also today, the suspect at the center of the U.S.’ first ICO fraud case has pleaded guilty to making false statements to obtain money from investors.

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SEC Opened Probe into Erik Voorhees, Crypto Loans Firm Over 2017 $50 Mln Token Sale

Crypto loans company Salt Lending Holdings Inc., once associated with high-profile crypto industry stalwart Erik Voorhees, is facing a U.S. Securities and Exchange Commission (SEC) probe over its 2017 $50 million token sale, the Wall Street Journal (WSJ) reported Nov. 15.

Founded in 2016, Salt — which uses clients’ crypto holdings as collateral against fiat currency loans — is reported to have received a subpoena from the securities regulator this February, according to “sources familiar with the matter.”

Among other issues, the SEC is said to be investigating whether Salt’s 2017 token sale was a noncompliant securities offering (i.e. whether it should have been registered with the SEC), how token proceeds were used, and the manner in which Salt employees received tokens.

Voorhees, who is well known as CEO of crypto exchange ShapeShift, is reported to have played a “leadership” role at Salt, and was notably listed as a “director” in an SEC filing five days ahead of the first SALT token sale in August 2017.

This latter point is now of particular contention, as Voorhees has previously been investigated by the SEC and has effectively been prohibited from raising money in private markets. In 2014, he reached a settlement of $50,000 in fines and disgorgement with the SEC over allegedly unregistered public offerings of securities in connection with two of his early Bitcoin (BTC)-related ventures.

Keith Higgins, chairman of the securities and governance practice at Ropes & Gray LLP and a former SEC division director, told the WSJ that:

“A provision in the [2014] settlement makes him a so-called ‘bad actor’ unable to rely on an SEC safe harbor for private, unregulated stock sales.”

Aside from being listed on Salt’s summer 2017 SEC filing, Voorhees was also named as a Salt director on the company’s site and promotional materials, according to the WSJ’s review. In November 2017, Salt reportedly amended its SEC disclosure, declaring the $1.5 million it had raised, and refraining from any mention of Voorhees.

Jennifer Nealson, a Salt executive, has confirmed to the WSJ that the firm received a February subpoena, and clarified that Voorhees was an “early contributor” to Salt, but stated he “no longer serves in any formal capacity.”

Securities lawyers have said the SEC could seek civil penalties against the company if it deems that Voorhees’ involvement broke the law.

Aside from the probe, Salt is facing a private lawsuit in the U.S. state of Colorado from a former Salt financial officer, who has accused the firm of giving loans on advantageous terms to insiders, and of having lost $4 million worth of crypto in a February 2018 hack. Voorhees has reportedly not been named as a defendant in the case.

Brian Klein, the trial attorney who represented Vorhees in his 2014 settlement with the SEC has responded to the WSJ article, tweeting:

“I am proud to represent @ErikVoorhees, a real visionary, who has abided by his SEC settlement terms. This @WSJ story is an unfair attack on him relying on unsubstantiated allegations, anonymous sources, and he is not even a party to the lawsuit discussed.”

Earlier this fall, Voorhees refuted a WSJ report that alleged that $9 million in ill-gotten funds were laundered through ShapeShift, claiming that the WSJ had misrepresented or omitted the information provided by the exchange.

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Tokens Continue to Drop, is SEC Preparing to go After Crypto Projects?

The price of Bitcoin has dropped by 10 percent over the last 24 hours following a severe sell-off. Yet, several low market cap crypto and tokens have plunged by twice that amount, posting losses in the range of 20 percent.

ERC20 tokens launched on top of the Ethereum blockchain network have performed especially poorly against both Bitcoin and the US dollar over the past several days.

Waltonchain, Lisk, ICON, Ontology, Golem, VeChain, WanChain, and many other tokens backed by active developer and investor communities declined substantially in the last week. Even Basic Attention Token (BAT) and 0x (ZRX), which experienced strong short-term upward movements prior to the Coinbase listing, dropped by more than 36 percent.

Is the US Going After ICO Projects?

The listing of BAT and ZRX by Coinbase confirmed that the two tokens are not considered securities under existing regulations set forth by local financial authorities in the US. Coinbase was cautious in listing tokens on its platform because in an event wherein the tokens listed by the exchange are identified as securities, Coinbase could be targeted by the US Securities and Exchange Commission (SEC) for the distribution of unregistered securities.

It is possible, as government enforcement defense and securities litigation attorney at Kobre & Kim, Jake Chervinsky, said, the SEC is preparing to take down many cryptocurrency exchanges and initial coin offering (ICO) projects, with many pending cases in the hands of the commission.

“Most enforcement actions are kept confidential until they’re resolved to protect both the defendant (from bad press) & the government (from losses & inconsistencies). That’s why this case was settled before it was announced. On that point, remember all those subpoenas the SEC sent out earlier this year? Just because you haven’t heard about them recently doesn’t mean there aren’t dozens of investigations going on behind the scenes. Sooner or later, the floodgates will open,” Chervinsky said.

In an official announcement, the SEC disclosed that EtherDelta co-founder Zachary Coburn agreed to pay $300,000 in disgorgement plus $13,000 in prejudgment interest and a $75,000 penalty, showing that the case was settled between Coburn and the SEC prior to the release of the statement.

At the Investment Adviser Association conference in Washington, D.C., Stephanie Avakian, co-director of the SEC’s Enforcement Division, confirmed that dozens of investigations into ICOs are underway and expects to see more in the future.

“We are very active, and I would just expect to see more and more,” she said, according to Bloomberg.

ICO Projects on Thin Ice

In the upcoming months, the cryptocurrency space is expected to see several pending cases against cryptocurrency exchanges and ICOs brought up by the SEC. The regulatory uncertainty in the ICO market surrounding tokens could lead to a decline in confidence from investors towards small market cap cryptocurrencies.

EtherDelta co-founder Zachary Coburn and the exchange were charged with the distribution of unregistered securities, which suggests that the SEC has cooperated with Coburn to understand the nature of several, if not dozens, of tokens considered securities under US regulations.

The drop in confidence from investors and the market could lead to a bleed out for tokens until the SEC provides a clear guideline to provide clarity in the space.

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Thai SEC Urges Public to Avoid Unlicensed Crypto Exchange as Regulation Set to Take Effect

Thailand’s financial regulator has told a cryptocurrency exchange to cease advertising and warned citizens not to use it due to legal uncertainty, the Thai Securities and Exchange Commission (Thai SEC) reported Tuesday, Nov. 13.

In the release, the Thai SEC said it had not officially endorsed Q Exchange, a joint Thai and South Korean venture, within the framework of its new cryptocurrency laws.

The Q Exchange, which reportedly offers ten crypto including Ethereum (ETH) and

Bitcoin (BTC), noted that it had plans to launch its Q Token on Oct. 25, Thai news outlet Lokwannee reports. Cointelegraph notes that although several Thai news sources reported on the launch and announcements surrounding the Q Exchange, we have been unable to locate a current online presence for the exchange.

Following a royal decree in May this year, cryptocurrency businesses such as exchanges and Initial Coin Offering (ICO) operators must seek permission from and register with authorities before beginning activities in Thailand.

The first officially-licensed platform should appear before the end of November, Cointelegraph reported last week.

“The SEC would like to inform the public that Q Exchange Co Ltd is not a licensed digital business operator,” the Thai SEC writes, adding:

“The public and investors should be cautious in engaging in digital asset and electronic money trades with this firm because such actions might not be lawfully protected by the SEC.”

Thailand has sought to strictly control its domestic crypto market this year, with various actors calling for tighter controls in addition to the regulatory package now signed into law.

Earlier this month, the country’s deputy prime minister highlighted the need for additional security practices in order to safeguard against the threat of malicious actors using cryptocurrency.

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SEC Charges EtherDelta Founder Over ‘Unregistered Securities Exchange’

The U.S. Securities and Exchange Commission (SEC) has charged Zachary Coburn, the founder of crypto token trading platform EtherDelta, with operating an unregistered securities exchange.

The regulator said Thursday that EtherDelta, which acts as a secondary market for trading ERC-20 tokens, had been providing a marketplace for buyers and sellers to trade ethereum tokens that the SEC deemed to be “digital asset securities.” It used an order book, an order display website and a smart contract built on ethereum, the agency said.

“EtherDelta’s smart contract was coded to validate the order messages, confirm the terms and conditions of orders, execute paired orders, and direct the distributed ledger to be updated to reflect a trade,” the SEC said.

EtherDelta users conducted more than 3.6 million trades over an 18-month period “for ERC-20 tokens, including tokens that are securities under the federal securities law,” according to the release, which went on to add:

“Almost all of the orders placed through EtherDelta’s platform were traded after the Commission issued its 2017 DAO Report, which concluded that certain digital assets, such as DAO tokens, were securities and that platforms that offered trading of these digital asset securities would be subject to the SEC’s requirement that exchanges register or operate pursuant to an exemption.”

The platform did not register as an exchange or file for an exemption, the SEC said.

SEC Division of Enforcement co-director Stephanie Avakian said in a statement that “EtherDelta had both the user interface and underlying functionality of an online national securities exchange and was required to register with the SEC or qualify for an exemption.”

Coburn has already settled the charges, according to the release. Though he did not admit to or deny the charges, he paid $300,000 in disgorgement, $13,000 in pre-judgement interest and a $75,000 penalty.

The SEC noted that Coburn cooperated with the regulator, resulting in a lower penalty than may have otherwise been administered.

SEC image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Thailand to Legitimize First ICO ‘Portal’ via New Regulation, Says SEC Head

Thailand’s securities regulator will clear “at least one” Initial Coin Offering (ICO) “portal” to operate legally in November, local daily news outlet Bangkok Post reported Nov. 8.

Speaking to the publication, Rapee Sucharitakul, secretary general of the Thai Securities and Exchange Commission (SEC) said that ICOs themselves could also start seeing official approval to serve Thai markets as soon as December.

“At least one ICO portal will be certified in November, then we can approve each ICO offering, which might start in December,” he said.

The confirmation marks the closing stages of Thailand’s final push to formalize cryptocurrency markets, which began with the issuance of a royal decree in May.

Governing all forms of cryptocurrency entities from ICOs to exchanges and broader “digital asset operators,” the legislation demands the SEC vet those wishing to operate in Thailand.

Rapee added a further five such “operators” were currently under consideration by the Finance Ministry.

During the application process, all will continue to operate as normal, Bangkok Post notes, having submitted their original applications within a specified 90-day cooling-off period following the issuance of the May decree.

Once the certification process is in place, however, Rapee signalled that the SEC would remain risk-averse to market entrants.

“We have always warned investors against being persuaded to invest in ICO offerings because they could be scams or they might not have sufficient liquidity to trade,” he added, continuing warnings made last month.

Speaking at the Counter-Terrorism Financing Summit this week, Thailand’s Deputy Prime Minister urged that additional measures be introduced both domestically and internationally to the pending regulatory framework, in order to keep up with new tactics and threats to consumer security.

Earlier this week, on Nov. 5, the country’s Revenue Department revealed plans to use blockchain and maсhine learning to verify the validity of taxes paid and to speed up the tax refund process.

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Expect the SEC to Target More Token Exchanges After EtherDelta

The Securities and Exchange Commission’s (SEC) settlement with the founder of EtherDelta is likely the first of many enforcement actions to come against crypto token exchanges.

Until recently, the SEC’s scrutiny of the cryptocurrency industry largely focused on projects and teams that raised money through initial coin offerings (ICOs) in possible violation of securities laws. But a person familiar with the SEC’s thinking told CoinDesk Thursday that crypto trading platforms have become a significant priority for the agency’s enforcement division.

As such, the news that the SEC had charged EtherDelta founder Zachary Coburn with operating an unregistered securities exchange can be seen as a shot across the bow of token-trading platforms.

“At this point, if you’re doing an exchange of crypto assets, dealing with U.S. persons, you probably need to get either a no-action letter or get clarity from counsel about whether you are implicating securities laws,” said Andrew Hinkes, an adjunct professor at the New York University School of Law.

And while the EtherDelta action was the SEC’s first against a crypto exchange, Hinkes told CoinDesk:

“I’m surprised it took this long.”

Further, the case shows that even if so-called decentralized exchanges (DEXs) cannot be easily shut down, that does mean no one will be held liable for their activities. Without admitting or denying the charges, Coburn agreed to pay a total of $388,000 in penalties, disgorgement and interest under the settlement.  

“This tells you that an exchange that used a distributed set of nodes instead of a centralized server isn’t going to be treated any differently,” Hinkes said. “Just because you make it and then it gets operated by a decentralized network of others doesn’t mean that any prospective responsibility or liability is gone. It’s just possibly relocated.”

And notably, the action was taken against Coburn even though he left EtherDelta in late 2017. The trades of ethereum-based tokens on the platform cited by SEC took place between July 12, 2016 and December 17, 2017, around the time of his departure.

“It doesn’t matter whether you sell the business or operated it a year ago or a few years ago,” said Preston Byrne, a partner at the law firm Byrne & Storm, P.C. “American securities laws are going to be enforced.”

On the other hand, it’s also telling that Coburn’s penalty was merely a low-six-figure fine. He wasn’t banned from participating in capital markets, in part because he cooperated with the SEC, which wants other individuals running or planning to run similar platforms to reach out to the agency first.

The entrepreneur, in this case, cooperated fully with the commission, which is often a good idea,” Byrne said. “It shows the SEC is willing to work with people who are willing to work with them.”

Decentralization is relative

Stepping back, since the token sale craze of 2017, numerous DEX platforms have emerged where ethereum-based assets are often swapped without oversight from any licensed entity. 

According to DappRadar, the leading DEX platform IDEX had roughly 1,401 users over the past 24 hours. With regards to EtherDelta specifically, there were roughly 1,079 trades on EtherDelta over the past 24 hours, about 11 percent less than in the previous 24-hour period. 

Although the SEC hasn’t clarified which tokens that traded on EtherDelta it considered securities, this action hinted at who regulators consider liable for purportedly decentralized technologies.

Speaking of the SEC order and how it relates to the most popular form of ICO token, the ERC-20, Hinkes said:

“It says that he [Coburn] founded a company, wrote and deployed the smart contract and exercised complete and sole control over the operations. Based on that, he should have known that his actions would contribute to the violation of the Exchange Act.”

In Hinkes’ mind, this opens up a variety of legal questions for developers contributing to ethereum and bitcoin. It’s entirely possible that merely writing and executing code could make technologists vulnerable to legal action in the future if they neglect to create limitations for how that software is used, he said.

“EtherDelta could have elected to filter out certain tokens,” Hinkes said. “By not doing so, they opened themselves up for everything, including securities that are issued under ERC-20.

Regardless of which specific tokens are eventually deemed by courts to be unregistered securities, Stephen Palley, a partner at the Washington, D.C.-based law firm Anderson Kill, told CoinDesk his reading of the order implies the majority of EtherDelta’s volume came from “the purchase and sale of unregistered securities.”

Fight or flight

From Byrne’s point of view, the SEC’s enforcement action could inspire more cryptocurrency companies to avoid having operations in the United States.

“There are hubs overseas, Singapore, England, where the laws are much friendlier toward ICOs and tokens,” Byrne said. “The principal task of cryptocurrency entrepreneurs will be ‘how do we maximize our opportunities in those jurisdictions while limiting our exposure to American regulators, and also compliance with American laws, as we conduct business overseas?'”

Meanwhile, the U.S.-based DEX startup AirSwap is strategizing for the opaque regulatory climate by partnering with licensed securities dealers and avoiding order books altogether.

“Unlike other platforms, AirSwap doesn’t engage in exchange activities–it has no order book, no order matching, and no transaction fees,” AirSwap co-founder Michael Oved told CoinDesk. “Our approach has been to be proactive in seeking advice and to be transparent with regulators.”

Several exchanges operating in the U.S., including AirSwap’s rival Everbloom, avoid charging traders fees in an effort to reduce legal risks. Hinkes said this recent order may undercut such approaches.

“It doesn’t appear that taking a fee is relevant to their analysis of whether EtherDelta was acting as an exchange that should have registered or proceeded under an exemption, or not,” Hinkes said.

This much is certain, the SEC is far from finished with its sweep of the industry, which Palley compared to a five-act play, saying:

“They’ve got dozens and dozens of investigations going on. I think we’ll see more press releases, more enforcement actions. This is certainly not the end of anything. This is maybe the end of Act 2 and the beginning of Act 3.”

SEC Chairman Jay Clayton image via YouTube

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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