Published on March 04, 2024 20:26 GMT+00:00edited on March 04, 2024 20:31 GMT+00:00

The Securities and Exchange Commission is looking to take advantage of a recent court ruling on insider trading to bolster its lawsuit against Coinbase.

In a notice filed on Monday to New York District Judge Katherine Polk Failla, the SEC said it wanted to inform the court of a default judgment made on March 1 where a court ruled that the trading of certain crypto assets on secondary markets, including crypto exchanges, are securities. 

The case involved Sameer Ramani, who was friends with former Coinbase product manager Ishan Wahi and his brother, Nikhil Wahi. Ishan and Nikhil Wahi reached a settlement with the SEC last May over charges that they engaged in insider trading. The SEC's court filing last week noted that “Ramani appears to have fled the country to avoid criminal …