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Blockchain Association Files Amicus Brief in Coinbase Insider Trading Case

The U.S. Securities and Exchange Commission (SEC) is attempting to create a “chilling effect” on the blockchain industry by labeling nine tokens at the center of an insider trading case as securities, but not giving the token creators a chance to defend themselves. Last year, the SEC lodged a complaint against former Coinbase manager Ishan Wahi for tipping off his brother and close friend regarding new listings of tokens on Coinbase. Earlier this month, Wahi pleaded guilty to insider trading charges, changing his plea from not guilty. Wahi is still contesting the securities fraud charges. The tokens in question include AMP, XYO, LCX, POWR, RLY, RGT, DDX, DFX, and KROM. Data from CoinGecko indicates that these tokens trade in relatively thin volume, and don’t rank within the top 150 tokens the service tracks. (Coindesk)

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