https://techcrunch.com/2022/07/21/the-sec-digs-into-unregistered-crypto-securities-in-insider-trading-case-against-former-coinbase-employee/

A former product manager at Coinbase has been arrested, the U.S. Justice Department announced Thursday, after being charged in a cryptocurrency insider trading scheme related to the listing of new crypto tokens on the Coinbase exchange. A separate filing on the case by the SEC signals the beginning of a major battle with crypto firms on what should be designated as a security.

A press release detailed that the former Coinbase employee Ishan Wahi and his brother Nikhil Wahi had both been arrested while their friend Sameer Ramani had been charged but had not been located. Ishan Wahi has been charged with two counts of wire fraud conspiracy and two counts of wire fraud, while Nikhil Wahi and Sameer Ramani were both charged with one count of wire fraud conspiracy and one count of wire fraud.