Cryptocurrency exchange ShapeShift has submitted a settlement offer to the US Securities and Exchange Commission (SEC), agreeing to cease and desist operations and pay a $275,000 penalty. The SEC alleged that ShapeShift operated as a crypto "vending machine" from 2014 to January 2021, serving as the market maker and counterparty for trades. ShapeShift dissolved its corporate entity in July 2021 and converted into a decentralized autonomous organization (DAO). The exchange created the FOX token in 2019, which currently trades for $0.09 with a market cap of $38.9 million.