Recently, Coinbase’s chief legal officer (CLO) Paul Grewal criticized a US court ruling in favor of the Securities and Exchange Commission (SEC). The judge labeled certain crypto assets traded on secondary markets as securities. The ruling is part of the insider-trading lawsuit against Coinbase’s former product manager and some of his relatives.
In 2022, the SEC presented charges against Coinbase’s former product manager Ishan Wahi, his brother Nikhil Wahi, and a close friend Sameer Ramani for securities violation for insider trading of certain crypto asset.
The SEC alleged that the former Coinbase employee “tipped off” his brother and friend about the exchange’s upcoming listing announcements, which he took part in coordinating. Last year, Ishan and Nikhil Wahi settled their charges with the US regulator while Ramani seemingly fled the country.
Crypto Asset’s Trading In Secondary Markets Labeled As Securities
The most recent development in the case involves
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