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The report states further that platforms operating as an ‘exchange’ falling within the definition under the federal securities law and offer trading in digital assets considered securities, must register with the SEC as an exchange for national securities, or they should be exempt from the registration. The SEC stated further that it is concerned  about different parties potentially conducting fraudulent or illicit trading through exchanges that are not registered and trade in such ‘securities’ (digital assets).  Even cryptocurrency exchanges allowing trading in only high quality cryptocurrencies, the SEC or other regulatory bodies exercise no control over which coins are high quality or qualify for trading.

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