Illustration: Rebecca Zisser / Axios

The U.S. Securities and Exchange Commission is warning investors that some self-designated "exchanges" for cryptocurrencies and digital tokens are unlawful and shouldn't be trusted to operate with as much integrity as regulated ones.

Why it matters: The commission has been increasingly cracking down on digital tokens, "initial coin offerings" and their issuers and other parties, citing concerns for investors. In January, Chairman Jay Clayton expressed similar concerns about exchanges, pointing out that "the opportunity for price manipulation is at orders of magnitude."

Go deeper

Updated 18 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 8:30 p.m. ET: 30,911,999 — Total deaths: 959,059— Total recoveries: 21,147,903Map.
  2. U.S.: Total confirmed cases as of 8:30p.m. ET: 6,796,384 — Total deaths: 199,474 — Total recoveries: 2,590,671 — Total tests: 95,108,559Map.
  3. Politics: Testing czar on Trump's CDC contradictions: "Everybody is right" Ex-FDA chief: Career scientists won't be "easily cowed" by political vaccine pressure.
  4. Education: What we overlooked in the switch to remote learning.
  5. Health: The dwindling chances of eliminating COVID-19 — 7 states set single-day coronavirus case records last week.
  6. World: England sets £10,000 fine for breaking self-isolation rules — The countries painting their pandemic recoveries green.

Arrest over letter to Trump containing poison ricin

President Trump returning to the White House from Minnesota on Sept. 18. Photo: Win McNamee/Getty Images

A suspect was arrested for allegedly "sending a suspicious letter" after law enforcement agents intercepted an envelope addressed to President Trump containing the poison ricin, the FBI confirmed in an emailed statement to Axios Sunday.

Details: The suspect, a woman, was arrested while trying to enter New York from Canada, law enforcement forces said.

Trump campaign goes all in on Pennsylvania

Trump poster in Scranton, Pennsylvania. Photo: Robert Nickelsberg/Getty Images

The president's campaign is placing more importance on Pennsylvania amid growing concern that his chances of clinching Wisconsin are slipping, Trump campaign sources tell Axios.

Driving the news: Pennsylvania, which has 20 electoral votes, twice Wisconsin's number, actually has been trending higher in recent public and internal polling, a welcome development for the campaign.