SEC listing 9 tokens as securities in insider trading case ‘could have broad implications’ — CFTC
2022.07.22 07:05
SEC listing 9 tokens as securities in insider trading case ‘could have broad implications’ — CFTC
Caroline Pham, one of five commissioners with the United States Commodity Futures Trading Commission, or CFTC, has expressed concerns about the possible implications of a case the Securities and Exchange Commission, or SEC, brought against a former product manager at Coinbase (NASDAQ:COIN).
In a Thursday statement, Pham said the SEC complaint against former Coinbase product manager Ishan Wahi, his brother Nikhil Wahi and an associate Sameer Ramani “could have broad implications” beyond the case, given its labeling nine tokens as “crypto asset securities” falling under regulatory body’s purview. The complaint alleged the Wahis and Ramani engaged in insider trading by using confidential information Ishan obtained from Coinbase in regard to which tokens would be listed on the exchange to make purchases in advance.
