Reported by SHALINI NAGARAJAN

Source: Shutterstock / Tada Images, modified by Blockworks

The Securities and Exchange Commission appears to be close to a settlement agreement with Ishan Wahi, a former product manager at Coinbase who the agency charged and accused of insider trading.

In February, Wahi pled guilty to two counts of conspiracy to commit wire fraud while using confidential information about Coinbase’s cryptoasset listings. His brother Nikhil Wahi, involved in the allegations, also pleaded guilty. Both had initially pleaded not guilty.

The brothers, and their friend Sameer Ramani, were accused of trading at least 25 cryptoassets on Coinbase based on Ishan Wahi’s insider knowledge between June 2021 and April 2022, eventually netting them profits worth $1.1 million.

The SEC now has an “agreement in principle” with Ishan Wahi to resolve the agency’s claims, a joint notice from attorneys representing the SEC and the Wahis showed in a court document published Monday. Meanwhile, Nikhil Wahi is also having “good faith” discussions with the regulator, it said.

Read full report: https://blockworks.co/news/sec-settlement-wahi-coinbase-insider-trading