Too Long; Didn't Read
It was only a matter a of time. There were clearly signs this was going to happen already out there when the SEC went after defunct “exchange” BitFunder. Today, the SEC made its biggest<a href="https://www.sec.gov/news/public-statement/enforcement-tm-statement-potentially-unlawful-online-platforms-trading" target="_blank"> announcement</a> yet: all the crypto exchanges are illegal unless they register with the SEC. Why is this important? It turns out the entire $400B cryptocurrency ecosystem is based on trading altcoins or utility tokens.