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Everybody paid attention in October when the SEC settled cases with two crypto companies found to have violated securities laws, putting the industry on notice that most tokens were going to be treated as securities. But months later, those companies have yet to register their tokens with the SEC, raising the question of when (or if) their investors will get the refunds they are owed.

The outcome could have far-reaching implications: Investors in hundreds of initial coin offerings that regulators have said are governed by securities rules are wondering whether their funds will be returned. One of the companies that settled, Airfox, received an extension today to register its tokens and begin the refund process. In the meantime, Congress is working on legislation that could overhaul those regulations and exempt tokens from securities laws.

Another issue we’re watching closely is how personnel moves shake out at some of the top crypto companies. Executives flocked to the industry after the boom, but it remains to be seen whether they will stay. Below, we report on a few more departures from Coinbase, which has lost a number of executives in recent months.

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