- Former Coinbase manager convicted of insider trading is challenging the SEC's view that some Coinbase assets are securities.
- Wahi's lawyers argue that the SEC doesn't have a role in the case because Coinbase's digital assets aren't securities.
- Opposing the SEC in lawsuits like this one has become the crypto industry's best hope for beating back the commission's campaign to regulate digital assets.
- Outcome of the civil case against Wahi could set a precedent for what assets the SEC can oversee.
- Crypto industry hopes federal judges will find that crypto is too different from traditional stocks and bonds to fall under rules written for Wall Street.
Coinbase Ex-Manager Convicted of Insider Trading Is Crypto’s Latest Legal Hope
Industry uses civil suit to challenge regulator’s view that crypto assets are securities
Dave Michaels
