The Securities and Exchange Commission (SEC) is reportedly investigating Bittrex, a Seattle-based cryptocurrency exchange, for potential violations of investor protection laws. The agency's focus is on whether the exchange allowed the trading of unregistered securities on its platform, without proper registration as a broker-dealer, clearinghouse, and exchange with the SEC. Bittrex's general counsel, David Maria, stated that the exchange had already discussed registering with the SEC, but found it impossible to meet their requirements without ending operations in the US. The exchange decided to wind down its services in response to the enforcement notice in March. Maria noted that if the SEC moves forward with legal action, Bittrex will contest it, but is open to a reasonable settlement offer. Bittrex, established in 2014, is one of the largest cryptocurrency exchanges in the US.