EToro Settles With the SEC: Industry Lawyers React

📆 2024-09-12 21:02:00
📰 CoinDesk

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Ben Schiller is CoinDesk's managing editor for features and opinion. Previously, he was editor-in-chief at BREAKER Magazine and a staff writer at Fast Company. He holds some ETH, BTC and LINK.

Trading platform eToro agreed Thursday to settle charges with the U.S. Securities and Exchange Commission that it operated as an unregistered broker and clearing agency and that it facilitated trading in some crypto assets that are securities. The agreement sees eToro paying a $1.5 million fine and means the company will be limited to trading just three digital assets: bitcoin

“It appears that the SEC has officially sanctioned BTC, BCH, and ETH so we know that the SEC considers at least those three to be commodities and not securities. The key words here at ‘at least.’ There may be others, but there is no legal guidance based upon this settlement.”“What we know from the face of the Cease and Desist Order is that eToro submitted an Offer of Settlement that the SEC accepted.

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