“We allege that Ishan and Nikhil Wahi, respectively, tipped and traded securities based on material nonpublic information, and that’s insider trading, pure and simple,” he said. “The federal securities laws do not exempt crypto asset securities from the prohibition against insider trading, nor does the SEC. I am grateful to the SEC staff for successfully working to resolve this matter.” Source
Former Coinbase product manager Ishan Wahi and his brother Nikhil Wahi have agreed to settle charges of insider trading brought against them by the United States Securities and Exchange Commission (SEC), the agency announced onMay 30. The brothers were accused of using knowledge of nine crypto assets that would be listed on Coinbase in the future to purchase before listing. The SEC filed suit against them on July 21, 2022. That agency is now demanding disgorgement of ill-gotten gains with interest. SEC’s Division of Enforcement director Gurbir S. Grewal said in…
“As alleged in the complaint, Genesis then exercised its discretion in how to use investors’ crypto assets to generate revenue and pay interest to Gemini Earn investors,” the SEC said in its complaint. Genesis, like CoinDesk, is owned by the Digital Currency Group (DCG). Source
Gemini has responded to the US Securities and Exchange Commission (SEC) lawsuit over its Earn Product. The exchange and its partner, now-bankrupt Genesis lender, gear up for a spectacular judicial fight. Gemini marked the SEC charges as “poorly conceived” and claimed that its novel Earn product, which gives dividends on clients’ crypto deposits, is not a security. Genesis wades into the debate to show support for Gemini. Together, they are asking the court to toss out the SEC’s frivolous lawsuit and all of its demands for disgorgement and a permanent injunction. SEC…
Kylie Chiseul Kim, a key defense attorney for Ripple Labs in its ongoing litigation against the SEC, has submitted a motion to withdraw from the case due to her departure from the law firm representing Ripple. In a development from the high-profile litigation between Ripple Labs Inc. and the U.S. Securities and Exchange Commission (SEC), Ripple’s defense attorney, Kylie Chiseul Kim, has submitted a motion to the Southern District of New York, seeking to withdraw from the case. Kim has been a key legal figure in this ongoing lawsuit and…
The Philippines’ Securities and Exchange Commission (SEC) has issued a warning against the crypto derivatives platform launched last month by Winklevoss twins-controlled Gemini Trust. According to the regulatory notice published last week, the newly launched platform markets and offers derivatives products categorized as securities under local laws. Gemini did not seek any registration from the Philippines regulator to launch its platform there. “GEMINI TRUST COMPANY, LLC. is not registered with the Commission and OPERATES WITHOUT THE NECESSARY LICENSE AND/OR authority to solicit, accept or take investments/placements from the public nor…
This week, a judge adjudicating the ongoing Securities and Exchange Commission (SEC) versus Ripple, the blockchain company, issued a landmark ruling. At the same time, Ripple announced crucial strategic expansions. Also, the number of staked ethereum (ETH) rose to record highs. Meanwhile, crypto adoption rate remained considerably high despite ongoing regulatory considerations. The crypto scene was also flushed with apprehensions concerning Ledger’s recently introduced seed recovery feature. Ripple secures landmark ruling On May 16, Judge Analisa Torres, the US district judge overseeing the lawsuit between Ripple and the US SEC,…
Grayscale Investments and Bitwise Asset Management have reportedly suspended their plans for ETH futures ETFs following apparent concerns raised by the U.S. Securities and Exchange Commission (SEC) over the liquidity of ETH futures, and their classification as a security or a commodity. Crypto asset managers Grayscale Investments and Bitwise Asset Management have reportedly put a pause on their plans to launch ETH futures exchange-traded funds (ETFs), allegedly at the behest of the U.S. Securities and Exchange Commission (SEC), according to sources familiar with the matter. The concerns cited surround the…
On May 19, James Filan, a defense attorney and ex-federal prosecutor who has been closely monitoring the Securities and Exchange Commission (SEC) vs. Ripple case for the past few years, shared an update regarding the potential unsealing of the Hinman documents for public access. According to a tweet, the SEC and Ripple Labs have filed a “Joint Letter for one week extension, until June 13, 2023, to file public, [redacted] versions of cross-motions for summary judgment and accompanying exhibits, which includes the Hinman materials.” “public, redacted.” — James K. Filan…
Parties in the ongoing legal battle between the Securities and Exchange Commission (SEC) and Ripple over XRP have submitted a joint letter requesting a one-week extension, until June 13, 2023, to file public, unredacted versions of their cross-motions for summary judgment and accompanying exhibits. The joint letter encompasses the highly anticipated Hinman materials, adding to the intrigue surrounding the case as both sides prepare their arguments for a decisive legal showdown. A joint request The statement means that the involved parties in the legal dispute, namely the Securities and Exchange…