The SEC's Enforcement Actions on Crypto Tokens

SEC rules and guidance largely prevent crypto assets from being registered as securities. While the tokens meet the legal definition of securities, they don't generally meet the standards that would be required for a security to be registered in the United States. As a result, there are virtually no crypto assets that a compliant registered securities exchange could list and trade. The SEC has not provided a way for a registered crypto asset trading platform to comply with clearing rules. So these enforcement actions can be read as being designed to shut down crypto exchanges rather than to force them to register.