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Did The US SEC Just Endorse Ethereum After This Settlement?
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Did The US SEC Just Endorse Ethereum After This Settlement?

Dalmas Ngetich
Dalmas Ngetich
2 years ago
3 mins read
Ethereum

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On May 30, the United States Securities and Exchange Commission (SEC) announced that Ishan Wahi, the former Coinbase product manager, and his brother, Nikhil Wahi, had agreed to settle charges brought forth by the regulator accusing them of engaging in an insider trading scheme.

SEC Settlement With Former Coinbase Product Manager

In this way, the two defendants also agreed that their actions violated Section 10(b) of the Securities Exchange Act. 

Accordingly, Ishan has been sentenced to two years in prison, while his brother, Nikhil, will serve ten months behind bars.

In a statement, the SEC also said the former Coinbase product manager forfeited 10.97 ETH and 9,440 USDT. On the other hand, Nikhil has submitted to the state 892,500 USDT. 

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This is part of the settlement and forfeiture of securities the SEC said were ill-gotten.

The case was settled roughly a year after the SEC filed the suit at the District Court for the Western District of Washington, accusing the former Coinbase product manager of using confidential information to benefit from trading crypto assets, most of which, the regulator claims, were securities.

According to the Director of the SEC’s Division of Enforcement, Gurbir S. Grewal, their actions amounted to insider trading. Grewal stated:

While the technologies at issue, in this case, may be new, the conduct is not. We allege that Ishan and Nikhil Wahi, respectively, tipped and traded securities based on material nonpublic information, and that’s insider trading, pure and simple.

How Will The SEC Handle Ethereum?

While the SEC succeeded, questions are being asked about how the regulator will allow the forfeiture of those digital assets, including Ethereum, in a way that the regulator considers legal and lawful. 

Though there is an argument that all assets received from the two brothers will be forfeited to the Department of Justice (DoJ), some maintain that the SEC must first confirm receipt.

Recently, Gary Gensler, the chairman of the SEC, failed to clarify whether Ethereum, like Bitcoin, is a commodity that should be treated as a property and its capital gains tax.

While in front of the House Financial Services Committee, Gensler repeatedly said the agency was learning more about Ethereum. 

This didn’t help ETH since a clear endorsement from the SEC, the principal regulator, could lead to regulatory clarity, possibly driving prices and on-chain activity.

Ethereum Price On May 31| Source: ETHUSDT On Binance, TradingView
Ethereum Price On May 31| Source: ETHUSDT On Binance, TradingView

SEC’s position differs from the Commodity Futures Trading Commission (CFTC), which classifies Bitcoin, Ethereum, and Litecoin as commodities, not securities.

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Still, a statement from the SEC declaring ETH a commodity is much awaited by the community and could help prices. In late 2020, the SEC sued payment company Ripple and its executives, claiming XRP is an unregistered security. A ruling on this case is expected in the coming few months.

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Reason to trust

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