However, it said the exchange operated as an unregistered dealer in the U.S. between 2014 and 2021, an accusation similar to the one the SEC brought against other U.S. crypto exchanges like Coinbase, Kraken and .
ShapeShift offered "at least 79 crypto assets" to its customers, which included "those that were offered and sold as investment contracts," the filing said, though it did not name any specific digital assets as being securities.