SEC may investigate exchanges facilitating IEOs, official says

The Securities and Exchange Commission (SEC) may look into US-based crpyto exchanges that have carried out initial exchange offerings (IEOs), CoinDesk writes.

Exchanges may be operating as unauthorised securities dealers under US securities laws if they take a fee for facilitating token sales, SEC official Valerie Szczepanik told an audience at the Consensus 2019 conference. According to Szczepanik, they’d need to fulfil broker-dealer licencing requirements.

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