The Securities and Exchange Commission on 21 July initiated insider trading charges against a former Coinbase product manager, his brother, and his friend. The accused perpetrated a scheme to trade ahead of multiple announcements regarding certain crypto assets that would be made available for trading on the Coinbase platform. The case in detail The press […]
The Securities and Exchange Commission on 21 July initiated insider trading charges against a former Coinbase product manager, his brother, and his friend.
The accused perpetrated a scheme to trade ahead of multiple announcements regarding certain crypto assets that would be made available for trading on the Coinbase platform.The press release by the regulatory body stated- while employed at Coinbase, the accused helped to coordinate the “platform’s public listing announcements that included what crypto assets or tokens would be made available for trading.
According to the SEC’s complaint, “Coinbase treated such information as confidential and warned its employees not to trade on the basis of, or tip others with, that information.” The Commodities Futures Trading Commission also stepped in this matter. Commissioners made unusually vocal requests for increased cooperation. In a statement, CTFC Commissioner Caroline Pham referred to the action as a “striking example of regulation by enforcement.”“Regulatory clarity comes from being out in the open, not in the dark.
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