In what could prove to be a groundbreaking case, the US Securities and Exchange Commission has charged the founder of cryptocurrency trading platform EtherDelta, Zachary Coburn, with running an “unregistered national securities exchange.” The order claims EtherDelta facilitated more than 3.6 million orders for ERC20 tokens (a popular Ethereum-based token protocol), many of which purportedly fall under local federal securities laws. “EtherDelta offered trading of various digital asset securities and failed to register as an exchange or operate pursuant to an exemption,” the order reads. The filing further notes that EtherDelta purportedly brokered most of these transactions after the SEC issued…

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