U.S. court rules trading of certain crypto assets on Coinbase is securities trading

In the insider trading case involving the brother of a former product manager at Coinbase, a US court ruled that trading specific cryptocurrencies on Coinbase constitutes securities trading, while the cryptocurrency industry and Coinbase have always argued that cryptocurrencies are not securities and are not under the jurisdiction of the US Securities and Exchange Commission. This is not the first time that a US court has ruled on whether the sale of certain cryptocurrencies constitutes unregistered securities, regardless of whether they are traded on secondary platforms such as exchanges.