SEC Charges EtherDelta Founder with Operating Unregistered Securities Exchange
The US Securities and Exchange Commission (SEC) has charged Zachary Coburn, the founder of digital token trading platform EtherDelta, with operating an unregistered exchange.
A First For The SEC
According to an official announcement published earlier today, the SEC has charged Zachary Coburn, the owner of cryptocurrency and token trading platform EtherDelta, for operating an unregistered national securities exchange. This marks the first such enforcement action by the agency.
According to the Commission’s order, EtherDelta represents an online platform designated for secondary market trading of ERC20 tokens which are commonly issued through initial coin offerings (ICOs). The watchdog has hence found that Coburn caused the platform to operate as an unregistered national securities exchange.
According to Stephanie Avakin, Co-Director of the SEC’s Enforcement Arm, the platform was required to register with the SEC as a securities exchange or, at least, to qualify as an…
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