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ARTICLE · 15 MARCH 2024

SEC Targets Crypto And DeFi Platforms With New Rules And An Enforcement Action

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
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Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

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The US Securities and Exchange Commission ("SEC") recently published an enforcement action against the crypto platform ShapeShift AG and found that ShapeShift acted as an unregistered securities "dealer."

United StatesTechnology
David G. Adams
David G. Adams
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The US Securities and Exchange Commission ("SEC") recently published an enforcement action against the crypto platform ShapeShift AG and found that ShapeShift acted as an unregistered securities "dealer." The action coincides with the SEC's recent adoption of new rules for "dealer" registration.

These rules are specifically designed to scope certain crypto companies, including decentralized finance or "DeFi" exchanges and their users, into the "dealer" definition.

For those seeking a deeper understanding of the regulatory issues at play, and what future SEC enforcement actions based on the new rules may look like, the ShapeShift action and a dissent from two SEC commissioners are informative.

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