“The purpose of FOX tokens is to provide access to holders to various benefits with ShapeShift’s products and companies,” said Voorhees. “It is a new economic model which we are excited to pioneer.”
Earlier this year the U.S. Securities and Exchange Commission reiterated that many online trading platforms for digital assets should register with the agency as exchanges, while former New York Attorney General Eric Schneiderman asked 13 cryptocurrency exchanges for detailed information about their operations as part of a "fact-finding inquiry."
Exchanges based in the U.S. have largely stuck with bigger coins like Bitcoin and Ether to avoid problems with regulators. ShapeShift offers dozens of coins on its platform.
This article was provided by Bloomberg News.