Two different cases were filed yesterday against three people accused of insider trading on crypto tokens — one from the DoJ was about the commission of a crime, while the related SEC complaint seemed to be, deeper down, about something else entirely.
Why it matters: The two takes on one case has reignited a seemingly esoteric but central question for cryptocurrency companies aiming to operate in a way that complies with U.S. law: What is or isn't a security, as opposed to a commodity.
Securities have onerous rules around who can own and trade them, such that they would be of little use in a startup's product.
Catch up fast: The DoJ case in U.S. vs Wahi focuses on whether or not stolen information was used so that three traders could profit at the expense of others.
Whether or not a token is a security has no impact on the DoJ indictment.
Sources with knowledge of the matter explained to Axios that the fact that the defendants were using stolen information to make money at expense...
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