SEC Will Need to Prove Tokens Are Securities in Coinbase Insider-Trading Case, Legal Expert Says

The SEC’s charges followed a complaint issued by the DOJ, alleging that Ishan Wahi, a former product manager at Coinbase, engaged in wire fraud and conspiracy to commit wire fraud. The charges allege that Wahi shared confidential Coinbase information to tip off his brother Nikil Wahi and associate Sameer Ramani about which digital tokens were scheduled to be listed on the cryptocurrency trading platform. The two brothers and Ramani allegedly netted $1.5 million in profits from trading the tokens.