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ARTICLE · 15 SEPTEMBER 2022

Cryptic Guidance? Despite Regulatory Ambiguity, New SEC Enforcement Could Drive Increase In Cryptocurrency-Related Shareholder Class Actions

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In late-July, the U.S. Securities and Exchange Commission brought insider trading charges against a former manager at Coinbase—the largest crypto asset trading platform in the United States.

United StatesTechnology
Justin Cohen
Justin Cohen
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In late-July, the U.S. Securities and Exchange Commission brought insider trading charges against a former manager at Coinbase-the largest crypto asset trading platform in the United States. The charges are the latest move in the agency's efforts to regulate cryptocurrency, and could spur an increase in cryptocurrency-related securities litigation.

In SEC v. Wahi, et. al, the SEC alleged that the former manager, Ishan Wahi, improperly provided, or "tipped," material nonpublic information about the timing and content of Coinbase's "listing announcements" to his brother and a close friend. These individuals then allegedly used the information to trade ahead of multiple listing announcements and earn at least $1.1 million.

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