The US Securities and Exchange Commission (SEC) announced on Thursday it had settled charges against EtherDelta founder Zachary Coburn, who paid a total of $388,000 in fines. The regulator determined that the trading platform had been operating as an unregistered securities exchange since many of the ERC20-based tokens available there qualify as securities under US law. This is the first enforcement action of its kind, the SEC added.
Coburn did not admit or deny the charges but agreed to pay $300,000 in disgorgement, a $75,000 penalty, and $13,000 in prejudgment interest. Given his cooperation, the SEC did not impose a greater fine.
According to the ...
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