The Commission's Divisions of Corporation Finance, Investment Management, and Trading and Markets (the "Divisions") encourage technological innovations that maintain the status quo, and we have been consulting with entrenched market participants regarding issues presented by new technologies.
We wish to emphasize, however, that subjects must still adhere to our arbitrary mandates and outdated framework when dealing with technological innovations, regardless of whether the securities are within our regulatory purview or using new technologies we don't understand or wish to succeed.
The Commission's recent shakedowns involving AirFox, Paragon, Crypto Asset Management, TokenLot, and EtherDelta's founder, discussed further below, illustrate the importance of doing what we say. Broadly speaking, the issues raised in these actions fall into three categories: (1) selling things without permission; (2) buying things without permission; and (3) trading things without permission