- Coinbase filed a questionable petition on SEC to elaborate set rules for Crypto.
- Ex Product Manager Coinbase Ishan Wahi and his brother were found guilty for insider trading.
Coinbase, a multi-national crypto exchange platform established in June 2012 and the company was founded by Brian Armstrong. Coinbase has headquarters in more than Seven places worldwide: Dublin, Tokyo, New York, London, San Francisco, Portland, and Chicago.
According to the latest reports, Coinbase has filed a petition to the security and exchange commission seeking valid information determining the cryptocurrencies under securities.
The petition filed by Coinbase extends on the issue of “Digitally native securities.” It includes “distributed ledger technology.” without believing in the centralised kind of right owing traditional financial institutions.
Coinbase also requested Security and Exchange commissions to answer the questions that coin base mentioned in the petition about the role of SEC.
ALSO READ – Coinbase refused to accept SEC’s claim of “Nine Ethereum-Based Altcoins Are Securities.”
Coinbase mentioned in the petition that many rules and regulations made by SEC are Still ” Unstable and Incomplete,” and the futhure petition expands on the lack of paperwork and documentation. Coinbase also talked about the condition of the Digital Assets market and the crypto market in the US and how the market is not functioning properly due to the lack of functioning authority in the sector.
Answering the petition of Coinbase, SEC covered all the points asked by Coinbase and said there are nine tokens listed in the securities category by the heading committee of the SEC.
Among nine tokens, the Ethereum-based token Amp is on the top list with the highest market cap among all nine tokens. It is because of a report of the complaint filed against Ex product manager of Coinbase, Ishan Wahi, and his brother for executing trading on the Amp tokens.
Reports of SEC mentioned that Ishan Wahi and his brother had made a profit of more than $1 million US dollars by executing and getting involved in Insider trading.
Conclusion
The trend of Insider trading is gaining hype in the crypto market, which will affect the market and common traders globally. According to the reports, the Coinbase Ex product manager and his brother were found guilty of the Insider trading of Amp Ethereum tokens to create a profitable ecosystem for the firm and them. The security and exchange commission has formed new rules for the crypto market to avoid such illegal activities.
Source: https://www.thecoinrepublic.com/2022/07/23/coinbase-filed-a-questionable-petition-on-sec-to-elaborate-a-new-set-of-crypto-rules/