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 that the case unfairly labeled several crypto assets as securities. The group said in an amicu
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 that the case unfairly labeled several crypto assets as securities.
An amicus brief is a document filed in court by an organization or individual who is not named in the case, but has a strong interest in the matter. The Blockchain Association also filed an amicus brief in the case earlier this month. The SEC brought charges 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.
But the Chamber of Digital Commerce is arguing that 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.
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