Statement on Potentially Unlawful Online Platforms for Trading Digital Assets

It looks like they are going after the exchanges, see this choice quote:

> A platform that trades securities and operates as an "exchange," as defined by the federal securities laws, must register as a national securities exchange or operate under an exemption from registration, such as the exemption provided for ATSs under SEC Regulation ATS.

And it says that online wallets may qualify if they facilitate trading:

> Some online trading platforms may not meet the definition of an exchange under the federal securities laws, but directly or indirectly offer trading or other services related to digital assets that are securities. For example, some platforms offer digital wallet services (to hold or store digital assets) or transact in digital assets that are securities. These and other services offered by platforms may trigger other registration requirements under the federal securities laws, including broker-dealer, transfer agent, or clearing agency registration, among other things. In addition, a platform that offers digital assets that are securities may be participating in the unregistered offer and sale of securities if those securities are not registered or exempt from registration.

Is this the beginning of exchanges getting shutdown?

Does anyone have a list of exchanges that are registered?

makes me think about the circle and poloniex deal that just happened. Polo seems very unlawful to me considering all the shitcoins that are listed.

So if some anonymous person invents cryptocurrencies, at what point are you supposed to be considered securities? If the first exchange had gone to SEC to register as a securities exchange, would the SEC not have laughed in their face? The headline itself really captures the ambiguity and uncertainty of all of this: "potentially unlawful".

Polo / Circle discussed with the SEC before the purchase. SEC provided an exemption from prosecution provided Polo registered as a fully licensed exchange.

https://twitter.com/nathanielpopper/status/96820257071911731...