What can the EtherDelta settlement tell us about how decentralized exchanges are regulated?0.28

Exchanges that trade securities are subject to stricter rules than those that do not

The SEC has charged and settled with Zachary Coburn for operating an unregistered securities exchange, EtherDelta, in violation of Section 5 of the Exchange Act. This may come to a surprise to folks in the crypto community who assumed that services like EtherDelta would somehow be free of any obligation to register as exchanges by virtue of the fact that they are “decentralized.” In the interest of clarity, here are some important facts to know about how various laws may or may not apply to decentralized exchanges.

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