The SEC also alleged that tokens like Algorand and Omise Go are securities.
Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.
The U.S. Securities and Exchange Commission alleged that crypto exchange Bittrex simultaneously operated a national securities exchange, broker and clearing agency in violation of federal statutes. Former CEO Bill Shihara and Bittrex Global GmbH are also facing charges. Bittrex worked with crypto issuers to"delete ... 'problematic statements'" that the SEC would investigate, the regulator said in, including price predictions and statements implying an"expectation of profit." The SEC also claims Bittrex should have registered as an exchange, clearing agency and broker, as it provided the services of all three types of entities.
SEC Enforcement Director Gurbir Grewal said the lawsuit against Bittrex"should send a message to other non-compliant crypto market intermediaries." "As laid out in our complaint, Bittrex’s business model was based on three things: circumventing the registration requirements of the federal securities laws; counseling issuers of crypto asset securities to do the same by altering their offering materials; and combining multiple market intermediary functions under one roof to maximize profits," he said.
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