Whether securities laws apply to digital coins has remained a matter of much speculation. I don’t think the SEC can step in and say you must register. In my opinion this will be settled in court but the follow is the statement that the SEC made today.
According to the SEC statement:
“If a platform offers trading of digital assets that are securities and operates as an ‘exchange,’ as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration.”
“The SEC staff has concerns that many online trading platforms appear to investors as SEC-registered and regulated marketplaces when they are not. Many platforms refer to themselves as “exchanges,” which can give the miss impression to investors that they are regulated or meet the regulatory standards of a national securities exchange.”