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22 April 2021

Erik Voorhees: Selling Unregistered Securities is a Made up Crime

Erik Voorhees: Selling Unregistered Securities is a Made up Crime

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Erik Voorhees, the CEO and Founder of non-custodial exchange Shapeshift, plays down the severity of selling unregistered securities.

Speaking about the time when the Securities and Exchange Commission (SEC) charged him for publicly offering shares without registering them, Voorhees said:.

β€œit was a total garbage non-crime and I had to deal with them for close to a year, spent hundreds of thousands of dollars on lawyers, and ultimately had to settle with them for fifty grand for the crime of building a company that people wanted to invest in and making the investors a bunch of money.”.

β€œI was certainly no fan of the government before this, and after it, came even more strongly to the conclusion that these regulators are, I understand a lot of them have good intentions, but I think so much of the effect of them is detrimental to good people who are trying to build good things.”.

But, there is no victim when it comes to selling unregistered securities.

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