A former product manager of Coinbase has been arrested along with his brother and a friend, accused by the US Department of Justice (DOJ) of executing a cryptocurrency insider trading scheme.
At the same time, the US Securities and Exchange Commission (SEC) has opened a separate document on the case, designating a number of assets traded by the group as cryptocurrency securities.
“I think it's strange that the SEC is suing three people for violating securities law, arguing that at least nine of the 25 digital assets they bought and sold as part of the alleged scheme qualify as securities, but they don't pursue the exchange you listed. these digital assetsSaid hailey lennon, partner of the law firm Anderson Kill.
The classification of some crypto assets as securities may have major implications for the digital asset industry, which has largely benefited from years of little to no regulatory oversight.
While cryptocurrencies, have been somewhat unregulated due to their de novo products, They are experiencing problems similar to those seen in other financial markets.