JUST IN: SEC charges EtherDelta founder with operating an unregistered exchange -- its the agency's "first enforcement action based on findings that such a platform operated as an unregistered national securities exchange." Story to come
2/EtherDelta is an online platform for secondary market trading of ERC20 tokens. Over 18 months it "executed more than 3.6 million orders ... including tokens that are securities under the federal securities laws," the SEC says
3/"Almost all of the orders placed through EtherDelta's platform were traded after" the SEC's 2017 DAO report, which had warned that the agency regarded certain ICO tokens as securities.
4/Without admitting or denying the SEC's findings, EtherDelta founder Zachary Coburn agreed to pay $300K in disgorgement plus $13K in prejudgment interest and a $75K penalty.
5/ You can read the full SEC order against EtherDelta's founder here: sec.gov/litigation/adm… Story on CoinDesk.com shortly.
