SEC Enforcement: Digital Token Trading Platform is an Unregistered Exchange

Categories: Banking & Finance, Hi-Tech

On November 8, 2018, the SEC announced its first enforcement action based on findings that a digital “token” trading platform operated as an unregistered national securities exchange. The action targeted EtherDelta and its founder, Zachary Coburn. According to the Commission’s order, “EtherDelta is an online platform for secondary market trading of ERC20 tokens, a type of blockchain-based token commonly issued in Initial Coin Offerings (ICOs).” The order found that Coburn caused EtherDelta to operate as an unregistered national securities exchange.

Murphy & McGonigle

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