Federal Judge Rules Crypto Assets Are Securities in Coinbase Insider Trading Case, Supporting SEC Authority

Federal judge ruled that crypto assets traded on Coinbase were securities, supporting SEC's argument that secondary market sales fall under its jurisdiction
Decision comes in SEC's lawsuit alleging Coinbase employee engaged in insider trading by sharing info with brother and friend
Ruling disagrees with Judge Torres' recent decision in Ripple case that secondary market sales don't constitute securities
Adds to conflicting court decisions on whether crypto assets are securities, with cases likely headed to Supreme Court
Defendant Ramani believed to be in India, leading to default judgment supporting SEC after settlements with Coinbase employee and brother