The U.S. Securities and Exchange Commission (SEC) has achieved a significant legal victory in its first insider trading case based on the theory of 'shadow trading'. This precedent-setting ruling could potentially broaden the SEC's enforcement capabilities within the cryptocurrency industry, particularly following the SEC v. Coinbase case. Additionally, former SEC crypto litigation leader Ladan Stewart, who recently joined law firm White & Case, plans to develop a crypto and cyber defense practice. Stewart's move and the SEC's recent court success highlight the evolving regulatory landscape for cryptocurrencies and securities.