Cryptocurrency trade association Chamber of Digital Commerce is urging a federal court to dismiss a case brought by the U.S. securities regulator against ex-Coinbase employees accused of insider trading, arguing the case unfairly labeled several crypto assets as securities.
in July against Ishan Wahi, a former product manager at Coinbase, and his brother Nikhil Wahi, as well as their friend Sameer Ramani, accusing them of purchasing and selling at least 25 crypto assets for a profit based on insider knowledge, nine of which the agency said it had identified as securities.
Federal prosecutors also brought related criminal charges against the Wahi brothers and Ramani, charging the defendants with wire fraud in the first-ever insider trading case involving cryptocurrency. Ishan WahiBut the Chamber of Digital Commerce is arguing the SEC’s case is a backdoor attempt to label crypto tokens as securities, and that the regulator should have instead either promulgated a rule clarifying its expectations or waited for certainty from Congress.
“It's in these types of situations where I think optimally, because you have an intra-governmental battle, you have Congress sort out the regulatory morass or at a minimum, have a typical ordinary notice and comment process,” said Daniel Stabile, the co-chair of the digital assets and blockchain technology group at Winston & Strawn LLP, who is one of the attorneys representing the Chamber of Digital Commerce.
Were the court to rule in the SEC’s favor, crypto exchanges that offer the nine tokens the SEC has labeled as securities could face state and federal regulatory actions as well as private litigation, the Chamber of Digital Commerce argued in its amicus brief. The move would also likely hurt the value of those tokens, which could harm retail investors, the group said.
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