The Securities and Exchange Commission's (SEC) settlement with the founder of EtherDelta is likely the first of many enforcement actions to come against crypto token exchanges.
Until recently, the SEC's scrutiny of the cryptocurrency industry largely focused on projects and teams that raised money through initial coin offerings (ICOs) in possible violation of securities laws. But a person familiar with the SEC's thinking told CoinDesk Thursday that crypto trading platforms have become a significant priority for the agency's enforcement division.
As such, the news that the SEC had charged EtherDelta founder Zachary Coburn with operating an unregistered securities exchange can be seen as a shot across the bow of token-trading platforms.
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