The U.S. Securities and Exchange Commission (SEC) has filed charges against the founder of the crypto trading platform EtherDelta Zachary Coburn in the operational management of the unregistered exchange for the sale of securities.
The statement said that the decentralized EtherDelta exchange served as a secondary market for trading ERC-20 standard tokens, which the SEC regards as digital securities. In particular, the platform gave buyers and sellers the opportunity to make deals using the bid book, the site for displaying bids and smart contracts developed on the basis of Ethereum.
Almost all transactions on EtherDelta were carried out after the SEC report of 2017, in which it recognized TheDAO tokens as securities, and the exchange wasn't registered with the SEC.
As noted, Coburn agreed to return the profits in the amount of $300,000 to the state, as well as to pay $13,000 in interest for the period before the court decision and $75,000 in fines. It has also been noted that Coburn collaborated with the investigation, which resulted in a reduction of the fine.
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