The Securities and Exchange Commission on Friday charged DeFi trader Avraham Eisenberg over his draining of $116 million from Solana-based decentralized exchange Mango Markets, but this action could have a wider effect.
The SEC’s charges rest on the agency’s assertion that MNGO, Mango Markets’ governance token, is a security, much like its arguments in previous actions that have put the crypto industry on its guard. Eisenberg, 27, already faced criminal commodities fraud charges for his admitted role in orchestrating the “highly profitable trading strategy” against Mango Markets last October.
Apart from his actions, the SEC complaint detailed the so-called Howey Test standards the agency used to call MNGO a security, much as the agency has done in previous enforcement actions -- most notably the former that declared nine tokens as unregistered securities without directly accusing the token issuers or Coinbase of anything. As in that case, the Mango action doesn't go after Mango Markets, the exchange.The SEC's backdoor listings of which tokens it considers securities haveIn this case, the agency said that despite MNGO’s labeling as a “governance token,” it “was purchased and sold as a crypto asset security.
Source: Digital Coin News (digitalcoinnews.net)
realDannyNelson Ahh finally not some Mango coin for manipulation.
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