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Crypto token considered a security for first time ever in fraud trial

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The US Securities and Exchange Commission (SEC) listed several cryptocurrencies as securities in its lawsuit against Coinbase in 2023.

Jury finds two men guilty of manipulating security prices using trading bots in a multimillion-dollar fraud trial. Shane Hampton and Michael Kane were sentenced for manipulating the price of HYDRO token, a security in this case. The US SEC had previously declared several cryptocurrencies as securities in its lawsuit against Coinbase. The US Securities and Exchange Commission listed several cryptocurrencies as securities in its lawsuit against Coinbase in 2023.

Argentieri, head of the Justice Department’s Criminal Division, said: “The sentences imposed today should serve as a warning. The Criminal Division will not hesitate to use all tools at its disposal—including the federal securities laws—to protect the integrity of cryptocurrency markets.

 

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