Coinbase Opposes Use of Default Judgment in SEC Lawsuit
The insider trading case ended last week when a judge issued a default judgment. This means that the defendant failed to appear in court. The case involved Sameer Ramani, who was friends with former Coinbase product manager Ishan Wahi and his brother Nikhil Wahi. In her March 1 ruling, Judge Tana Lin said the default sentence was warranted in part because Ramani appeared to have fled the country.
Coinbase said Tuesday that the default ruling should not have any weight. filing.
“The Wahi order was issued against an empty chair and its reasoning reflects as much. Coinbase respectfully submits that the default judgment against Mr. Rahmani should not be given any weight,” Coinbase said.
Coinbase also said the SEC’s motion for default judgment did not mention the Ripple incident and did not include “analysis of transactions in secondary markets.”
The Ripple case marked a partial victory for the cryptocurrency industry after the SEC sued the company last year over unregistered sales. 
XRP
-9.47%
past litigation
The SEC previously accused Ishan Wahi of leaking information to his brother and Ramani about the timing of the exchange’s public listing announcement, including details about tradable cryptocurrencies. Ishan and Nikhil Wahi agreement Last May, he was sued by the SEC for allegedly engaging in insider trading.
Coinbase is facing its own lawsuit filed by the SEC in June. The agency said the exchange was operating illegally as an unregistered exchange, broker, and clearing agency. the company argued for dismissal of the case, mixed opinions Expert opinion on the likelihood of such an outcome.
Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
About the author
Sarah is a reporter for The Block covering policy, regulation and legal events. Sarah was previously a reporter writing about securities regulation at CQ Legal, where she first began her reporting on cryptocurrencies. She Sarah has also written for The Bond Buyer and American Banker, among other financial publications. She graduated from the University of Missouri with a degree in Print and Digital Journalism. Sarah lives in Washington, DC and she is an avid coffee lover. You can follow her on Twitter @ForTheWynn.
