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{"id":15943,"date":"2023-01-20T22:26:16","date_gmt":"2023-01-20T22:26:16","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/01\/20\/the-sec-takes-a-long-feared-position-in-coinbase-insider-trading-suit\/"},"modified":"2023-01-20T22:26:17","modified_gmt":"2023-01-20T22:26:17","slug":"the-sec-takes-a-long-feared-position-in-coinbase-insider-trading-suit","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/01\/20\/the-sec-takes-a-long-feared-position-in-coinbase-insider-trading-suit\/","title":{"rendered":"The SEC takes a long-feared position in Coinbase insider trading suit"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2022\/07\/21\/the-sec-digs-into-unregistered-crypto-securities-in-insider-trading-case-against-former-coinbase-employee\/<\/a><\/br>
\nThe SEC takes a long-feared position in Coinbase insider trading suit<\/br>
\n2023-01-20 22:26:16<\/br><\/p>\n

\n

A former product manager at Coinbase has been arrested, the U.S. Justice Department announced Thursday, after being charged in a cryptocurrency insider trading scheme related to the listing of new crypto tokens on the Coinbase exchange. A separate filing on the case by the SEC signals the beginning of a major battle with crypto firms on what should be designated as a security.<\/p>\n

A press release<\/a> detailed that the former Coinbase employee Ishan Wahi and his brother Nikhil Wahi had both been arrested while their friend Sameer Ramani had been charged but had not been located. Ishan Wahi has been charged with two counts of wire fraud conspiracy and two counts of wire fraud, while Nikhil Wahi and Sameer Ramani were both charged with one count of wire fraud conspiracy and one count of wire fraud.<\/p>\n

While the DOJ\u2019s charges do not include any counts of securities fraud, interestingly, in separate charges filed by the SEC, a number of the assets traded by the group are designated as being crypto asset securities, a classification that is surely going to have far-reaching implications for the crypto industry if it sticks.<\/p>\n

Specifically, the SEC framed the following assets as securities: Power Ledger\u2019s POWR token, Flexa\u2019s AMP token, Rally\u2019s RLY token, DerivaDEX\u2019s DDX token, XY Labs\u2019 XYO token, Rari Capital\u2019s RGT token, Liechtenstein Cryptoassets Exchange\u2019s LCX token, DFX Finance\u2019s DFX token and Kromatika Finance\u2019s KROM token.<\/p>\n

In a 62-page filing<\/a>, the SEC takes particular aim at the firms and tokens listed, saying that \u201cNikhil and Ramani traded in securities subject to the federal securities laws because these crypto assets were investment contracts; they were offered and sold to investors who made an investment of money in a common enterprise, with a reasonable expectation of profits to be derived from the efforts of others.\u201d<\/p>\n

The SEC more widely classifying crypto assets as securities could be a major threat to the crypto industry, which has gained come of its momentum due to relaxed regulatory guidelines surrounding commodities, which many insiders have argued tokens should be classified as. In response to the SEC\u2019s suit, Coinbase announced<\/a> that they had filed a petition to develop new frameworks for crypto security rules.<\/p>\n

The arrests follow a saga that played out largely on Twitter, where a crypto personality that goes by Cobie discovered a wallet that had been used to buy up a number of cryptocurrencies ahead of the announcement of a Coinbase listing of those assets on its exchange.<\/p>\n

An investigation from the Justice Department uncovered that Wahi and his associates had traded in advance of at least 14 asset listings at Coinbase, realizing gains of around $1.5 million. The group had purchased cryptocurrencies using accounts registered to other people and had transferred funds \u201cthrough multiple anonymous Ethereum blockchain wallets,\u201d according to the press release. Apparently, after an investigation into the trades, Coinbase reached out to Ishan Wahi about scheduling a meeting regarding the asset listing process and Wahi attempted to leave the country, but was stopped by law enforcement before boarding.<\/p>\n

This arrest follows the June arrest of OpenSea executive Nate Chastain, who was also charged with insider trading related to NFTs.<\/p>\n

Subscribe to TechCrunch\u2019s crypto newsletter \u201cChain Reaction\u201d<\/a> for news, funding updates and hot takes on the wild world of web3 \u2014 and take a listen to our companion podcast!<\/h3>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2022\/07\/21\/the-sec-digs-into-unregistered-crypto-securities-in-insider-trading-case-against-former-coinbase-employee\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2022\/07\/21\/the-sec-digs-into-unregistered-crypto-securities-in-insider-trading-case-against-former-coinbase-employee\/ The SEC takes a long-feared position in Coinbase insider trading suit 2023-01-20 22:26:16 A former product manager at Coinbase has been arrested, the U.S. Justice Department announced Thursday, after being charged in a cryptocurrency insider trading scheme related to the listing of new crypto tokens on the Coinbase exchange. 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