SEC Charge Classifies Crypto as a Security

(from Ars Technica) The SEC has charged  Ishan Wahi, who worked at Coinbase, with securities fraud, following a charge from the DOJ that Wahi engaged in insider trading in cryptocurrency.  Whether a crypto asset should be classified as a security is a massive, possibly existential issue for the crypto industry. The Securities and Exchange Act of 1933 requires anyone who issues a security to register with the SEC, complying with extensive disclosure rules. If they don’t, they can face devastating legal liability. The SEC is also preparing a case against Ripple and investigating Coinbase itself. Outcomes of these investigations may drastically change the way crypto operates. 

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