Coinbase lawyers have requested that a U.S. court throw out a previous default judgment that deemed the secondary sales of crypto assets as “securities transactions.”
Coinbase lawyers have asked the judge presiding over its legal battle with the U.S. Securities and Exchange Commission to disregard a previous judgment that deemed secondary sales of crypto assets to be “securities transactions," arguing that they were never properly examined in court.
In a March 5 letter to U.S. District Judge Katherine Failla, Coinbase attorney Michael Savitt urged the judge to rebuff the SEC’s previous classification of crypto sales on a secondary market as securities contracts in the SEC vs Wahi case, claiming the judgment should hold “no weight.”
In July 2022, the regulator sued former Coinbase product manager Ishan Wahi, his brother Nikhil Wahi, and their friend Sameer Ramani for insider trading related to nine cryptocurrencies.
