Less certain are the immediate consequences on crypto exchanges, Reiners said. He said it’s likely that exchanges are nervously reading through the SEC’s complaint, looking at what is currently listed on their platforms, and comparing that to how the SEC views the nine digital assets in question.
Reiners said he does not see the SEC filing complaints against exchanges until a court has weighed in on whether the tokens in question are in fact securities.
“They’ll wait and then if the court agrees with them, of course at that point the exchanges themselves will be forced to register,” Reiners said. “To me, maybe it’s a longer process to getting to a desired outcome, but I think in the SEC’s case it’s a more surefooted way to get to the desired outcome, which is to have crypto exchanges brought into the securities regulatory perimeter.”
‘Enforcement 40’ for 2020
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