Contact us at hello@techheading.com for Guest Posting, Adding link to an already existing Post and for your Product or Service Advertisement 


© Reuters. Cryptocurrency prices were little changed on Friday

Investing.com – Cryptocurrency prices were little changed on Friday even after the U.S. Securities and Exchange Commission (SEC) charged Zachary Coburn, the founder of crypto token trading platform EtherDelta, with running an unregistered securities exchange.

slipped 0.5% to $6,488.2 by 1:30 AM ET (06:30 GMT) on the Bitifinex exchange.  

was down 0.03% to $214.41, and fell 1.6% to $52.73. traded 0.2% lower to $0.51261.

The SEC said on Thursday that EtherDelta allowed users to trade Ethereum-based tokens without registering accounts.

Trading was managed by a “smart contract,” the regulator said.

“EtherDelta’s smart contract was coded to validate the order messages, confirm the terms and conditions of orders, execute paired orders, and direct the distributed ledger to be updated to reflect a trade.”

“Almost all of the orders placed through EtherDelta’s platform were traded after the Commission issued its 2017 DAO Report, which concluded that certain digital assets, such as DAO tokens, were securities and that platforms that offered trading of these digital asset securities would be subject to the SEC’s requirement that exchanges register or operate pursuant to an exemption,” said SEC.

Zachary Coburn agreed to pay $300,000 in disgorgement, along with $13,000 in prejudgment interest and a $75,000 penalty. He did not admit or deny the SEC’s findings.

Citing a person familiar with the SEC’s thinking, CoinDesk said this might be the first of many legal actions to come against crypto token exchanges.

CoinDesk added that this is because such trading platforms have become an important priority for the agency’s enforcement division.

READ  Bitcoin Planet Market Cap Reaches $21,803.00 (BTPL)

In other news, South Korea’s lawyers urged the government to pass a legal framework for digital coins.

The Korean Bar Association lobbied the government on Thursday, saying the legislation was needed to promote the industry and protect consumers.

“We urge the government to break away from negative perceptions and hesitation, and draw up bills to help develop the blockchain industry and prevent side effects involving cryptocurrencies,” Bar Association President Kim Hyun said.

The report came one day after Deputy Prime Minister of Thailand Wissanu Krea-ngam said he wanted more regulations on virtual coins. Krea-ngam thinks new measures are necessary both domestically and internationally to protect consumer security.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

READ  Cryptocurrency Trading Update: Minimal Momentum on Monday Markets





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here