SEC’s crypto czar says exchanges that list IEOs may face legal risks

The SEC's senior advisor on digital assets and innovation Valerie Szczepanik says U.S.-based initial exchange offerings meet the standards for securities offerings and could be in 'hot water' if they failed to register. Speaking at Consensus, Szczepanik said: “Platforms seeking to list these tokens for a listing fee or bring buyers to the table for issuers are probably engaging in broker-dealer activity." Multiple exchanges have launched IEOs since January, with Binance's first IEO of BitTorrent ($BTT) raising $7.4 million.

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