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1/ Now that I’ve had a minute digest: While yesterday’s SEC announcement was helpful clarity for the industry as a whole, it is really, remarkably, exceptionally bad news for a) custodial providers, b) exchanges and c) OTC desks who trade tokens today.
2/ I don’t believe there will be further warnings from SEC for the custodians and exchanges. SEC gave us about as clear guidelines as they can on what they think constitutes a security: the great majority of the currently-trading tokens.
3/ Exchanges, OTC desks and custodial wallets dealing in these tokens, in SEC’s view, will need to (a) register as National Securities Exchanges or ATSes *and* (b) stop accepting non-accredited users. That’s a black swan event for many of the big names out there.
