Today on our DC Forecasts crypto news site we share with you the latest breaking news coming from the US Securities and Exchange Commission for charging the EtherDelta decentralized exchange founder with operating an unregistered exchange.
As a decentralized Ethereum exchange, the platform let users trade Ethereum-based tokens easily without having to register or to create an account or even moving their funds and trusting an exchange-controlled wallet. The trading was supervised and managed by a smart contract and the entire exchange infrastructure was maintained by an operator.
According to the US Securities and Exchange Commission, the Ethereum-based exchange, EtherDelta, illegally allowed all the users to trade tokens that are considered securities under federal law. This action makes the EtherDelta an unregistered securities exchange.
“We are witnessing a time of significant innovation in the securities markets with the use and application of distributed ledger technology. “But to protect investors, this innovation necessitates the SEC’s thoughtful oversight of digital markets and enforcement of existing laws,’’ an SEC official explained.
EtherDelta’s founder, Zachary Coburn, calmly consented to the charges and agreed to pay a fine of $300,000 in disgorgement plus the additional $13,000 in prejudgment interest and last, $75,000 for a penalty fine. However, the exchange founder hasn’t really denied nor admitted the allegations, just agreed to pay the fines.
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