Former Coinbase product manager Ishan Wahi pleaded not guilty to insider trading charges, Reuters reported on Wednesday.

Ishan Wahi was charged by the Department of Justice (DOJ) for leaking Coinbase token listings with his brother and friends, allegedly leaking the listings of at least 14 tokens and earning $1.5 million through the scheme. 

The U.S. Securities and Exchange Commission (SEC) also filed charges against Wahi, and in the lawsuit classed nine tokens on the Coinbase platform as securities. In response, Coinbase issued a petition, hoping that the SEC would formulate clearer regulatory rules.

In the U.S., where crypto regulation becomes law, it faces a lengthy deliberative process, the stablecoin regulation bill has been delayed until after the August congressional break.