“This is a question of great economic and political significance.” Whether a digital asset exchange may offer digital assets for secondary trading without those digital assets being registered as securities and operate in the United States without being registered with the US Securities and Exchange Commission as a securities exchange, clearing agency, or broker is being litigated in courts across the country and likely will be litigated for years to come.
In an article for The Review of Securities & Commodities Regulation, partners Fred Block and Ali Rivett and associate Madeleine Ayer write that the US Supreme Court may be the ultimate arbiter if it becomes necessary to resolve circuit court splits on these issues (which seem to be on the horizon). In the meantime, trillions of dollars hang in the balance as exchanges operating in the United States face the threat of regulation by enforcement.
Read the full Review of Securities & Commodities Regulation article >>