9 Cryptos Named as Securities by SEC amid Coinbase Insider Trading Charges

blockchain.news:

The US Securities and Exchange Commission (SEC) on Thursday listed nine cryptocurrencies that it considers as securities. The regulator named the nine crypto assets in its first insider-trading case, where it said the nine digital tokens are “securities”.

On Thursday, the SEC, through coordination with the U.S. Department of Justice (DOJ), arrested and charged former Coinbase product manager Ishan Wahi, his brother Nikhil Wahi, and a friend Sameer Ramani on allegations of insider trading and wire fraud.

SEC filed a complaint alleging that the former Coinbase employee engaged in insider trading by giving his brother and friend tips on which tokens the exchange planned to list shortly. According to the complaint, Wahi had advanced knowledge of which crypto assets were about to be listed on the Coinbase platform. He, therefore, shared such information with his brother and friend so they could purchase the coins ahead of the listings. The complaints disclosed that Nikhil Wahi and Ramani made over $1.1 million on trades with nonpublic information.

Along that case, the SEC also explicitly mentioned nine crypto assets listed as securities. The assets are:

·     Amp (AMP)

·     Rally (RLY)

·     DerivaDAO (DDX)

·     XYO (XYO)

·     Rari Governance Token (RGT)

·     LCX (LCX)

·     Power Ledger (POWR)

·     DFX Finance (DFX), a

·     and Kromatika (KROM).

The agency named all the tokens in connection with the alleged insider trading.

In the past, the SEC had identified cryptocurrencies as securities in enforcement actions or settlements with the provider.

But Thursday’s complaint is the first time the agency identified several crypto coins as securities and the exchange listing the so-called securities.

As a result, Coinbase