Yesterday was a big day for the crypto industry. A former Coinbase product manager was arrested alongside his brother and a friend, and charged with running a cryptocurrency insider trading scheme by the U.S. Department of Justice (DOJ).
At the same time, the U.S. Securities and Exchange Commission (SEC) filed a separate document on the case, designating a number of the assets traded by the group as cryptocurrency securities, a classification that raised eyebrows.
“I think it’s odd the SEC would sue three individuals 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 not pursue the exchange that listed these digital assets,” Hailey Lennon, partner at law firm Anderson Kill, told TechCrunch.
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