To add some nuance to the sibling reply, the SEC has extensively laid out its legal argument for why many (not all) of the coins traded on crypto exchanges are

To add some nuance to the sibling reply, the SEC has extensively laid out its legal argument for why many (not all) of the coins traded on crypto exchanges are securities under US law, including specific examples. See the recent insider trading complaint [1] and this analysis [2]. Dealing in unregistered securities is a crime [3], so if the analysis is correct then the exchanges are breaking US law. [1] https://www.sec.gov/litigation/complaints/2022/comp-pr2022-127.pdf https://www.sec.gov/litigation/complaints/2022/comp-pr2022-1... (¶ 95 - ¶ 206) [2] https://www.sec.gov/corpfin/framework-investment-contract-analysis-digital-assets https://www.sec.gov/corpfin/framework-investment-contract-an... [3] https://www.law.cornell.edu/uscode/text/15/78l https://www.law.cornell.edu/uscode/text/15/78l