A former product manager at cryptocurrency exchange Coinbase has moved to dismiss charges of alleged insider trading, with his lawyers arguing the tokens he allegedly traded were not securities.on Feb. 6 in the United States District Court for the Western District of Washington to dismiss charges laid b the Securities and Exchange Commission .
Lawyers for the Wahi brothers argued the tokens allegedly purchased by the pair are akin to physical baseball cards, such as those pictured, which can sell for thousands. Image: “None of the tokens were like stock [...] The very object of each token was to facilitate activity on the underlying platforms and, in so doing, enable each network to develop and grow.”
They said the regulator “lacks clear congressional authorization to deem the tokens at issue to be ‘securities,’” and added:
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