A token, by itself, may not rise to this standard, but what about tokens issued to fund the development of a crypto exchange? 2See David Yaffe-Bellany, Embattled Crypto Exchange FTX Files for Bankruptcy, N.Y. Times (Nov. 11, 2022), https://www.nytimes.com/2022/11/11/business/ftx-bankruptcy.html. 10SEC’s Gary Gensler on Kraken staking settlement: Other crypto platforms should take note of this, YouTube (Feb. 10, 2023) https://www.youtube.com/watch?v=dlzX2UDTtUI. Comm’n, SEC Charges Crypto Trading Platform Beaxy and its Executives for Operating an Unregistered Exchange, Broker, and Clearing Agency (Mar. 19The U.S. Securities Exchange Act of 1934 defines a “broker” as “any person engaged in the business of effecting transactions in securities for the account of others.” 15 U.S.C.

Source: Forbes June 07, 2023 17:31 UTC