Ishan Wahi, a former Coinbase product manager, has filed to dismiss the insider trading accusations against him by the U.S. គណៈកម្មការមូលបត្រ (SEC) ។
Ishan and his brother, Nikhil Wahi, have been accused of profiting $1,1 million by insider trading of tokens in forthcoming Coinbase listings. In a motion filed on February 6, 2023, in the Western District of Washington, Wahi’s lawyers argued that the cryptocurrencies traded by the brothers did not fit the definition of security.
The lawyers explained that the tokens were utility tokens with a primary use on a platform rather than as an investment product and that the developers of the tokens had no obligations to buyers on secondary markets.
SEC v. The Wahi Brothers
The SEC has charged the Wahi brothers and their associate, Sameer Ramani, with insider trading for allegedly purchasing at least 25 cryptocurrencies before their listing on Coinbase and selling them for a profit shortly after the listing.
However, the lawyers representing the Wahi brothers have criticized the SEC for attempting to regulate the cryptocurrency industry through enforcement action without clear congressional authorization.
Source: https://coinpedia.org/news/ex-coinbase-exec-takes-on-sec-in-epic-battle-over-insider-trading-charges/