A U.S. judge issued a default judgment against a former Coinbase insider, stating that secondary market sales constitute securities trading

ChainCatcher news, according to CoinDesk, a U.S. court ruled on March 1 that trading certain crypto assets on the secondary market constitutes a securities transaction in the insider trading case involving former Coinbase product manager Ishan Wahi, his brother Nikhil Wahi, and their friend Sameer Ramani.

The ruling stated: "Even if Ramani trades tokens on the secondary market, the court's analysis remains unchanged." … "Even when tokens are traded on the secondary market, each issuer continues to make such statements regarding the profitability of their tokens. Therefore, under the Howey Company standard, all crypto assets purchased and traded by Ramani are investment contracts." This ruling was made in the absence of Ramani in court.