Federal authorities recently brought the first-ever cryptocurrency insider-trading case, accusing a former Coinbase Global manager of tipping off his brother and a friend with confidential information and signaling in a companion case an aggressive new push to police digital tokens. Prosecutors in Manhattan filed wire-fraud charges against the three men. At the same time, the Securities and Exchange Commission brought a civil case against them in which it alleged that nine cryptocurrencies, including seven currently available on Coinbase, are unregistered securities. The SEC's classification of the digital tokens as unregistered securities could have wide-ranging effects on the cryptocurrency industry and expose Coinbase and other platforms to new legal liabilities and regulatory requirements (please refer to the article" Former Coinbase Employee Charged in First-Ever Crypto Insider-Trading Case" under the reading assignment folder )

So, what is insider trading, and what are its most likely impacts on efficiently-functioning markets? Where would you draw the legal and ethical lines on when trading should be considered fair and when it should be considered illegal/unethical? According to the Securities and Exchange Commission, "The Code of Ethics and Insider Trading Policies and Procedures are designed to protect the public from abusive trading practices and to maintain ethical standards for access persons when dealing with the public. Active leadership and management integrity dictate that these principles be diligently implemented and monitored." What are some examples of "active leadership" that managers and boards of directors can/should take to achieve the SEC's intent?

Cite any sources you may use, for my research. Thanks.