Update
Exchanges Refuse to List Legacy Crypto Tokens Without SEC Immunity
Exchanges are hesitant to list legacy crypto tokens without explicit SEC immunity, according to a comment letter from Vault12, a crypto wallet backup firm. Vault12, backed by Winklevoss Capital and Naval Ravikant, warns that the SEC's proposed token safe harbor could deter exchanges from listing tokens due to the risk of a later regulatory challenge. Vault12's 2018 token sale fits the proposed path for older crypto projects to move their tokens out of securities treatment, but exchanges approached by Vault12 wanted assurance from the SEC that the token's status would not be challenged later.