A former product manager at cryptocurrency exchange Coinbase has made a formal request to have allegations of suspected insider trading against him dropped. Since the tokens he has allegedly traded are not securities, his legal team believes the charges should be dismissed as baseless. The fact that this is the case is the main justification for dismissing the charges.

Ishan Wahi, a former Coinbase employee, and Nikhil Wahi, his brother, are being represented by attorneys who, on February 6, filed a motion with the United States District Court for the Western District of Washington requesting that the charges filed against him. by the Securities and Exchange Commission is removed. Ishan Wahi is also represented by his brother, Nikhil Wahi. Nikhil Wahi is also being represented by lawyers. The lawyers are also defending the interests of Nikhil Wahi in this case. Ishan Wahi was a member of the Coinbase team in the past.

The SEC filed insider trading charges against the brothers and their associate Sameer Ramani in July last year, alleging that the three made $1.1 million using Ishan’s advice on the timing and names of tokens in upcoming listings. from Coinbase. The SEC brought these charges against the brothers and their associate Sameer Ramani. The SEC brought these charges against the two brothers and their colleague Sameer Ramani. Furthermore, allegations were made against Sameer Ramani that he engaged in insider trading.

The lawyers prepared a report of more than 80 pages and in it they described the many ways in which the SEC’s statements were “incorrect.”

They claimed that the bitcoins allegedly sold by the Wahi family did not meet the legal definition of a security as they had no “written or inferred investment contract.” This was the basis of his argument. In other words, there was no written or inferred agreement between the parties to invest in the bitcoins. Instead, they compared bitcoins to collectibles like baseball cards and stuffed animals, like stuffed animals and stuffed animals.