With the SEC charging and fining the founder of Etherdelta for unregistered securities trading on the exchange (
https://www.coindesk.com/expect-the-sec-to-target-more-token-exchanges-after-etherdelta/), seems like the SEC would rather go for the source of liquidity for unregistered securities rather than track down issuers. With well over 2000 cryptos in the market, makes sense to devote resources in collaring exchanges first (after identifying unregistered securities) rather than spreading themselves too thinly in the hunt for issuers.
So, what happens next?
1. Folks will flock to Malta to open their DEXs?
2. DEXs will issue "WE DON'T SERVE AMERICANS" notice?
3. Get IP restrictions and KYC like IDEX?
4. No orderbook like Airswap?
5. Or we just got sit tight with CEXs again?
The times truly are changing
Time's really are a changing in this regard, I worry that for US citizens there won't be a DEX that they can access in the very near future, the SEC seem determined to track down on any unregulated crypto trading within the US. I suspect that what we'll see is some sort of IP restriction for US citizens, of course that can easily be bypassed but that then creates more issues for the individual if they are to be caught. Thankfully for me I'm European but I do wish that the US market could be unleashed because it could elevate the crypto market to another level.