SEC announces settled charges against ethereum token trading platform

The Securities and Exchange Commission said on Thursday that it had settled charges with Zachary Coburn, the founder of EtherDelta, for operating an unregistered national securities exchange. The platform was a secondary market for trading of ERC-20 tokens, which run on the ethereum blockchain – the most popular blockchain for crowdfunding companies when working on an initial coin offering (ICO).

We are witnessing a time of significant innovation in the securities markets with the use and application of distributed ledger technology,” said Steven Peikin, co-director of the SEC’s Enforcement Division, in a news release.

But to protect investors, this innovation necessitates the SEC’s thoughtful oversight of digital markets and enforcement of existing laws.” According to the news release, Coburn agreed to pay $300,000 in disgorgement, $13,000 in prejudgment interest and a $75,000 penalty.

 

/marketwatch.com

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