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Powers On… Insider trading with crypto is targeted — Finally! Part 2
"Frankly, it’s about time that the SEC and U.S. attorney’s offices focused on real crimes and fraud."
Powers On… Insider trading with crypto is targeted — Finally! Part 2
This is the second part of my column about the crackdown on insider trading involving crypto. In the first part, I discussed the criminal indictment of Nathaniel Chastain, a former product manager at the OpenSea NFT marketplace. I also discussed the SEC’s allegations against former Coinbase employee Ishan Wahi, his brother and his friend, based on the “misappropriation” theory of insider trading.
Powers On… is a monthly opinion column from Marc Powers, who spent much of his 40-year legal career working with complex securities-related cases in the United States after a stint with the SEC. He is now an adjunct professor at Florida International University College of Law, where he teaches “Blockchain & the Law.”
Since the United States v. O’Hagan Supreme Court case in 1997, the misappropriation theory of insider trading liability has been explicitly recognized. Both before that date and after, “misappropriation” of company secrets or confidential information used in connection with stock trading has been an active area of Securities and Exchange Commission enforcement and criminal prosecutions.
Examples include a former writer for The Wall Street Journal in United States v. Winans; employees at the magazine stand Hudson News in Securities Exchange Commission v. Smath; a printer at a company that printed tender offer documents in Chiarella v. United States; and more recently, financial analysts in United States v. Newman and Salman v. United States. On the same date as the SEC filing against Ishan Wahi and his two associates, the U.S. attorney for the Southern District of New York unsealed a parallel criminal indictment that charged these same three defendants with wire fraud and wire fraud conspiracy.
Tippees that receive material, nonpublic or confidential information from a tipper violate insider trading rules if they know the tipper breached a duty they owed to another and received some sort of personal benefit from the tip. The Supreme Court said in the 2016 Salman case that the personal benefit need not be financial or pecuniary. The benefit requirement is satisfied by bestowing a gift of this information on a trading relative or a close friend.
Powers On… Insider trading with crypto is targeted — Finally! Part 2
This is the second part of my column about the crackdown on insider trading involving crypto. In the first part, I discussed the criminal indictment of Nathaniel Chastain, a former product manager at the OpenSea NFT marketplace. I also discussed the SEC’s allegations against former Coinbase employee Ishan Wahi, his brother and his friend, based on the “misappropriation” theory of insider trading.
Powers On… is a monthly opinion column from Marc Powers, who spent much of his 40-year legal career working with complex securities-related cases in the United States after a stint with the SEC. He is now an adjunct professor at Florida International University College of Law, where he teaches “Blockchain & the Law.”
Since the United States v. O’Hagan Supreme Court case in 1997, the misappropriation theory of insider trading liability has been explicitly recognized. Both before that date and after, “misappropriation” of company secrets or confidential information used in connection with stock trading has been an active area of Securities and Exchange Commission enforcement and criminal prosecutions.
Examples include a former writer for The Wall Street Journal in United States v. Winans; employees at the magazine stand Hudson News in Securities Exchange Commission v. Smath; a printer at a company that printed tender offer documents in Chiarella v. United States; and more recently, financial analysts in United States v. Newman and Salman v. United States. On the same date as the SEC filing against Ishan Wahi and his two associates, the U.S. attorney for the Southern District of New York unsealed a parallel criminal indictment that charged these same three defendants with wire fraud and wire fraud conspiracy.
Tippees that receive material, nonpublic or confidential information from a tipper violate insider trading rules if they know the tipper breached a duty they owed to another and received some sort of personal benefit from the tip. The Supreme Court said in the 2016 Salman case that the personal benefit need not be financial or pecuniary. The benefit requirement is satisfied by bestowing a gift of this information on a trading relative or a close friend.
Powers On… Insider trading with crypto is targeted — Finally! Part 2
This is the second part of my column about the crackdown on insider trading involving crypto. In the first part, I discussed the criminal indictment of Nathaniel Chastain, a former product manager at the OpenSea NFT marketplace. I also discussed the SEC’s allegations against former Coinbase employee Ishan Wahi, his brother and his friend, based on the “misappropriation” theory of insider trading.
Powers On… is a monthly opinion column from Marc Powers, who spent much of his 40-year legal career working with complex securities-related cases in the United States after a stint with the SEC. He is now an adjunct professor at Florida International University College of Law, where he teaches “Blockchain & the Law.”
Since the United States v. O’Hagan Supreme Court case in 1997, the misappropriation theory of insider trading liability has been explicitly recognized. Both before that date and after, “misappropriation” of company secrets or confidential information used in connection with stock trading has been an active area of Securities and Exchange Commission enforcement and criminal prosecutions.
Examples include a former writer for The Wall Street Journal in United States v. Winans; employees at the magazine stand Hudson News in Securities Exchange Commission v. Smath; a printer at a company that printed tender offer documents in Chiarella v. United States; and more recently, financial analysts in United States v. Newman and Salman v. United States. On the same date as the SEC filing against Ishan Wahi and his two associates, the U.S. attorney for the Southern District of New York unsealed a parallel criminal indictment that charged these same three defendants with wire fraud and wire fraud conspiracy.
Tippees that receive material, nonpublic or confidential information from a tipper violate insider trading rules if they know the tipper breached a duty they owed to another and received some sort of personal benefit from the tip. The Supreme Court said in the 2016 Salman case that the personal benefit need not be financial or pecuniary. The benefit requirement is satisfied by bestowing a gift of this information on a trading relative or a close friend.
Crypto for foreign trade: What do we know about Iran’s new strategy
Iran has decided to legalize the use of crypto in cross-border payments, which could impact how some countries view crypto.
F2Pool, Poolin to start Ethereum PoW mining after ETHW mainnet launch
Together, ETHW mining pools already make up more mining capacity in terms of block share than Ethermine, which opted to shut down mining operations.
F2Pool, Poolin to start Ethereum PoW mining after ETHW mainnet launch
Together, ETHW mining pools already make up more mining capacity in terms of block share than Ethermine, which opted to shut down mining operations.
Crypto for foreign trade: What do we know about Iran’s new strategy
Iran has decided to legalize the use of crypto in cross-border payments, which could impact how some countries view crypto.
Ethereum traders shorted ETH price in record numbers during the Merge — 50% crash ahead?
Ethereum traders are betting on a "sell-the-news" event on the day of the Merge as ETH exchange balance jumps.
Ethereum traders shorted ETH price in record numbers during the Merge — 50% crash ahead?
Ethereum successfully completed its long-awaited transition to proof-of-stake via "the Merge" on Sept. 15, while traders have been increasingly shorting Ether (ETH) in anticipation of a sell-the-news event.
Ethereum funding rate plumme
Ether's futures funding rates across leading derivatives platforms dropped below zero—to their worst levels to date—before the Merge. The rate dropped to as low as -0.6% on BitMex.
ETH funding rates history. Source: CoinglassFunding rates are a percentage of the fee paid to either short or long position holders. The platform decides the fee based on the difference between the perpetual futures contract and the spot price.
Therefore, traders consider a market bullish when the funding rate is positive. Conversely, a negative funding rate hints at a bearish sentiment in the market. Let's understand why with an example.
Currently, Ether's funding rate average is around -0.1%. In other words, traders with a $1 million short ETH position are willing to pay those with long positions $1,000 every eight hours (based on when platforms recalculate the funding rates).
The Ethereum Merge is completed: Here's what's next
Ethereum's long-awaited Merge with the Beacon Chain is complete — here's what the long-term roadmap for the continued development of the protocol looks like.
The Ethereum Merge is completed: Here's what's next
Ethereum's long-awaited Merge with the Beacon Chain is complete — here's what the long-term roadmap for the continued development of the protocol looks like.
Ethereum community wastes no time minting PoS NFTs right after the Merge
The Merge happened, and now the community watches like proud parents as Ethereum takes its first steps as a proof-of-stake consensus.
Ethereum community wastes no time minting PoS NFTs right after the Merge
The Merge happened, and now the community watches like proud parents as Ethereum takes its first steps as a proof-of-stake consensus.
Thai SEC intends to ban crypto lending in the country
The Securities and Exchange Commission of Thailand is preparing to take radical measures in the aftermath of the summer’s crypto lending platforms’ crashes.
Norwegian town wants 'noisy' Bitcoin miners out, experts respond
A municipality in Norway is using all means necessary to avoid “energy-sucking” Bitcoin miners establishing further operations, citing noise complaints and energy concerns.
How does tokenization help transform illiquid real estate ownership into a liquid one?
Tokenization provides new liquidity to the real estate market by making it easier for people to trade and invest in properties.
Community celebrates the Merge by dropping ETH-inspired art and music
Vitalik Buterin, the co-founder of Ethereum, tweeted a message to thank everyone that helped make the Merge happen.