Howard Fischer was recently quoted in Reuters discussing the SEC recently charging Beaxy.com and several executives. Beaxy.com and some affiliates were accused of illegally acting as an exchange, broker and clearing agency without properly registering with the SEC.

"Given this filing, and the fact that the SEC has reportedly issued a Wells notice to Coinbase, it is likely that this is a harbinger of additional actions with respect to exchanges and similar entities," said Mr. Fischer.