A US court has ruled that trading certain tokens on the secondary market is an investment contract

A US court has ruled that trading of certain crypto assets on the Coinbase secondary market constitutes an investment contract (trading in securities).

The ruling came in an insider trading case involving former Coinbase product manager Ishan Waha, his brother Nikhil Waha and their friend Sameer Ramani.

The court took this position when it entered a default judgment against Ramani.

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