The SEC, on May 30, via a press release, announced that it had reached an agreement with the the two accused in the Coinbase insider trading case. The brothers that engaged in the activity agreed to pay disgorgement.
The brothers in the highlight were identified as Ishan Wahi and Nikhil Wahi. Ishan was working as aat Coinbase, a leading American-based crypto exchange. And, he was directly involved in announcing the tokens that would be listed on the crypto-exchange.
Ishan was found guilty of leaking the listing information of at least 25 cryptocurrencies to his brother – Nikhil and friend – Sameer Ramani. This information was then used to make a profit of $1.5 million between June 2021 and May 2022. Their crimes resulted in the court sentencing them to prison, with the brother sentenced to 10 months and the former manager getting two years of prison time. Meanwhile, Sameer Ramani continues to remain at large.
The commission also noted that the crypto exchange did not demonstrate the right for making such a demand. This was because the “Mandamus was an extraordinary remedy – one that requires the petitioner to show a clear and indisputable right to relief.” The SEC further stated, “Neither the securities laws nor the Administrative Procedure Act impose on the Securities and Exchange Commission an obligation to issue the broad new regulations regarding “digital assets” Coinbase has requested But no statue or regulation requires the Commission to take such action on a specific timeline.”
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