Coinbase denies listing securities, says SEC should provide regulatory framework #togrp7
The Securities and Exchange Commission (SEC), in a July 21 complaint filed against former Coinbase product manager Ishan Wahi, his brother Nikhil Wahi, and Sameer Ramani, classified nine crypto assets as securities.According to the SEC complaint, a crypto asset is a security if it satisfies the Securities Act definition of an “investment contract.”
The affected crypto assets are Flexa Network’s AMP, Rally Network (RLY), DerivaDEX (DDX), XYO, Rari Governance Token (RGT), and Lichenstein Cryptoasset Exchange (LCX). Others are Power Ledger (POWR), DFX Finance (DFX), and Kromatilka (KROM).The financial regulator claimed that the listed assets satisfy that definition because their investors invested in a joint enterprise with the intent of profiting from the efforts of others. According to Grewal, the crypto exchange has an SEC-reviewed process of analyzing crypto assets. #togrp7
