Coinbase app on the Appstore. Photo: Diego M. Radzinschi/ALM Coinbase app on the Appstore. Photo: Diego M. Radzinschi/ALM

Two months ago, the U.S. Securities and Exchange Commission (SEC) brought its first-ever alleged insider-trading case arising from the purchase and sale of digital assets.

The SEC charged Ishan Wahi, a former manager at Coinbase Global, with violations of §10(b) of the Securities Exchange Act of 1934, alleging Wahi violated his duty to Coinbase by disseminating material non-public information (MNPI) to his brother and a friend about the timing of token listings on the Coinbase platform. That same day, the U.S. Attorney for the Southern District of New York unsealed an indictment related to the same conduct. As many observers have noted, the commission is attempting to break new ground in the Wahi case. But the SEC's path to proving this case will be anything but smooth.

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