The post Coinbase Challenges SEC’s Crypto Sales Classification in Court appeared first on Coinpedia Fintech News
Coinbase is pushing back against a previous court ruling that classified secondary sales of crypto assets as “securities transactions.” This ruling stemmed from a lawsuit filed by the SEC against former Coinbase employees for insider trading. However, Coinbase’s legal team argues that this judgment should carry no weight because the crucial issues were not adequately discussed in court.
Here’s the backstory
In July 2022, the SEC sued former Coinbase product manager Ishan Wahi and others for insider trading involving nine cryptocurrencies. The Wahi defendants contested the case, claiming the tokens were not “investment contracts” and fell outside the SEC’s jurisdiction. But before the court could decide, the SEC settled with the Wahi brothers in June 2023.
The SEC then obtained a default judgment against Sameer Ramani, another defendant in the c
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