EddieJayonCrypto
7 Mar 24
A federal judge ruled in a default judgment that secondary-market transactions for certain cryptocurrencies violated securities law, with the defendant never showing up and no one filing amicus briefs to oppose the Securities and Exchange Commission's motion. This ruling may have implications for th...
A federal judge ruled in a default judgment that secondary-market transactions for certain cryptocurrencies violated securities law, with the defendant never showing up and no one filing amicus briefs to oppose the Securities and Exchange Commission's motion. This ruling may have implications for the SEC's cases against other crypto exchanges, and it highlights the potential impact of default judgments in legal proceedings.
Judge Tana Lin, of the U.S. District Court for the Western District of Washington, ruled that Sameer Ramani violated federal securities law by using insider information to trade on cryptocurrencies that would be listed on Coinbase. The ruling may have implications for the SEC's other cases against crypto exchanges like Coinbase, Binance/Binance.US, and Kraken. While a default judgment ruling arguably has less precedential value than a ruling after a bench trial, it's still a ruling by a federal judge and in the same circuit as other crypto-relevant cases.
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