In the insider trading case of the brothers of a former Coinbase product manager, a U.S. court ruled that trading certain crypto assets on Coinbase was a securities transaction, while the crypto industry and Coinbase have argued that cryptocurrencies are not securities and fall outside the jurisdiction of the U.S. Securities and Exchange Commission. This is also not the first time a U.S. court has ruled on whether sales of certain cryptocurrencies are unregistered securities, regardless of whether they occur on a secondary platform such as an exchange. (CoinDesk)
Previously, Nikhil Wahi, the brother of former Coinbase product manager Ishan Wahi, was sentenced to 10 months in prison for insider trading. Prosecutors said Ishan Wahi provided information about tokens about to be listed on Coinbase to Nikhil Wahi and his friend Sameer Ramani, who profited from buying the tokens in advance through insider information.