{"id":563627,"date":"2023-03-14T22:15:00","date_gmt":"2023-03-14T19:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/coinbase-files-brief-in-sec-wahi-case-says-it-doesnt-sell-securities-but-would-like-to\/"},"modified":"2023-03-14T22:15:00","modified_gmt":"2023-03-14T19:15:00","slug":"coinbase-files-brief-in-sec-wahi-case-says-it-doesnt-sell-securities-but-would-like-to","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/coinbase-files-brief-in-sec-wahi-case-says-it-doesnt-sell-securities-but-would-like-to\/","title":{"rendered":"# Coinbase files brief in SEC Wahi case, says it doesn\u2019t sell securities, but would like to"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4087acbed64\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4087acbed64\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/coinbase-files-brief-in-sec-wahi-case-says-it-doesnt-sell-securities-but-would-like-to\/#%E2%80%9D_Coinbase_files_brief_in_SEC_Wahi_case_says_it_doesnt_sell_securities_but_would_like_to_%E2%80%9C\" >&#8221; Coinbase files brief in SEC Wahi case, says it doesn\u2019t sell securities, but would like to &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Coinbase_files_brief_in_SEC_Wahi_case_says_it_doesnt_sell_securities_but_would_like_to_%E2%80%9C\"><\/span>&#8221; Coinbase files brief in SEC Wahi case, says it doesn\u2019t sell securities, but would like to &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDMvMTdmNjRiMTgtNjdkZC00ZmZhLWE0ZDEtYWZkODk0ZDg5YjE5LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>Cryptocurrency exchange Coinbase filed an amicus brief in support of a motion to dismiss the case brought by the United States Securities and Exchange Commission (SEC) against former Coinbase product manager Ishan Wahi and other for insider trading. Coinbase condemns the defendants conduct, it <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/assets.ctfassets.net\/c5bd0wqjc7v0\/6uKmrWxXr6Qcg2SviIYLeC\/91db92783c2eb72f4041b41482f7f5f9\/2023-03-13_DKT_78-2_Coinbase_Amicus_Brief.pdf\">said<\/a> in the brief, but supports the defendants\u2019 motion because of the SEC\u2019s assumption that the exchange listed securities on its platform.<\/p>\n<p>Coinbase stated in its amicus (\u201cfriend of the court\u201d) brief that it had fully cooperated with the investigation of Wahi, his brother and their friend and it implied that it was under judgment in the case as well:<\/p>\n<blockquote><p>\u201cThe SEC asks this Court to adjudicate issues at the heart of Coinbase\u2019s listing decisions [\u2026] in litigation against unsympathetic individual defendants who stole Coinbase\u2019s nonpublic information.\u201d<\/p><\/blockquote>\n<p>The exchange denied selling securities, but stated that it would like to sell digital asset securities, were it not for the \u201cstate of uncertainty\u201d in regulation:<\/p>\n<blockquote><p>\u201cCoinbase would like to expand its platform to include digital-asset securities (such as tokenized stocks), but no U.S. company can do so until the SEC provides a clear regulatory framework.\u201d<\/p><\/blockquote>\n<p>It also noted that the Justice Department did not press securities law charges against the defendants in its case. Ishan Wahi pleaded guilty in that case, and his brother also pleaded guilty. <\/p>\n<p>Arguing that it does not sell securities, Coinbase said the SEC <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roved its public share listing in 2021 without saying the exchange\u2019s business model could allow the sale of securities or that it sold securities. Further, Coinbase argued, its listing do not pass the often-cited Howey test, established by the U.S. Supreme Court in 1946, as they are neither investments nor contracts under it. <\/p>\n<p><strong><em>Related: US authorities arrest former Coinbase manager, alleging insider crypto trading<\/em><\/strong><\/p>\n<p>Coinbase also cited the major questions doctrine, reconfirmed by the U.S. Supreme Court last year in the case of West Virginia v. EPA, which set the boundaries for agencies\u2019 overreach. Industry advocacy groups the Digital Chamber of Commerce and Blockchain Association have made similar points in their own amicus briefs.  <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Last week I testified to Congress about Coinbase\u2019s futile effort to register with the SEC so we can begin to offer digital asset securities. Today we filed an amicus brief in SEC v. Wahi that explains why this misguided suit only makes things worse. 1\/5<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/9iWYrWwpiI\">https:\/\/t.co\/9iWYrWwpiI<\/a><\/p>\n<p>\u2014 paulgrewal.eth (@iampaulgrewal) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/iampaulgrewal\/status\/1635447995163611136?ref_src=twsrc%5Etfw\">March 14, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Finally, the brief held that the SEC\u2019s actions violate \u201cfundamental principles of fair notice and due process and raises serious concerns under the APA [Administrative Procedure Act]. \u201cCoinbase seeks more engagement by the Securities and Exchange Commission with the cryptocurrency industry, not less. But that engagement must take the right form,\u201d it concluded. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/coinbase-files-brief-in-sec-wahi-case-says-it-doesn-t-sell-securities-but-would-like-to\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Coinbase files brief in SEC Wahi case, says it doesn\u2019t sell securities, but would like to &#8220; Cryptocurrency exchange Coinbase filed an amicus brief in support of a motion to dismiss the case brought by the United States Securities and Exchange Commission (SEC) against former Coinbase product manager Ishan Wahi and other for insider&#8230;<\/p>\n","protected":false},"author":1,"featured_media":563628,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/17f64b18-67dd-4ffa-a4d1-afd894d89b19.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74956,74863,74898,70934],"class_list":["post-563627","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-coinbase","tag-cryptocurrencies","tag-sec","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/563627","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=563627"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/563627\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/563628"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=563627"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=563627"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=563627"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}