Dear SEC, I'd like to report Alexandra for frontrunning Matt Levine.
From FT Alphaville:
That means you can, in fact, get in trouble for insider-trading them
The institutionalisation of cryptocurrencies continues at pace.
The latest development: we have learned that some alt-coins are securities, because you can catch SEC charges for insider-trading them. (Criminal charges too, though that’s a different matter.)
The US Securities and Exchange Commission has charged a few lads with trading alt-coins ahead of their listings on Coinbase Global’s exchanges, which pretty reliably caused a bump in the coin price. And the US attorney in the Southern District of New York is bringing criminal charges against the trio, claiming the wire-fraud charges are its “first ever” insider-trading tipster case in cryptocurrency markets. (Contrast that with its “first ever digital asset” insider-trading case, where the guy with the inside information was trading on his own.)....
....MUCH MORE
