Former Coinbase manager, brother agree to settle SEC insider trading charges

economictimes.indiatimes.com:

product manager for Coinbase Global Inc and his brother have agreed to settle U.S. Securities and Exchange Commission (SEC) charges related to insider trading of crypto asset securities. The SEC said Ishan Wahi and his brother, Nikhil Wahi, agreed to settle civil charges that they engaged in a scheme to trade ahead of multiple announcements regarding at least nine crypto asset securities that would be made available on Coinbase's platform, the regulator said in a statement. «While the technologies at issue in this case may be new, the conduct is not,» said SEC's enforcement director Gurbir Grewal. A lawyer for Ishan Wahi declined to comment on the settlement. He previously pleaded guilty to related criminal charges that he tipped off his brother Nikhil and a friend with confidential information about digital assets that would be listed on Coinbase, one of the world's largest crypto exchanges.

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Ishan Wahi was sentenced to two years in prison earlier this month. In January, Nikhil Wahi was sentenced to 10 months in prison. His lawyer did not respond immediately to request for comment. Both brothers agreed they would not deny the SEC's allegations. Neither received a penalty and the disgorgement order by the SEC was deemed covered by the related criminal proceedings. The case has drawn significant attention as the SEC has grown increasingly active in policing the crypto industry. The regulator has argued