One month following an admission of guilt in a case related to insider trading of digital currencies on the Coinbase platform, a former staff member appears to be approaching a settlement agreement with the U.S. Securities and Exchange Commission (SEC), according to a court filing.

"At this time, the SEC has an agreement in principle with Ishan Wahi to resolve all of the SEC’s claims in this matter. The SEC and Nikhil Wahi are also in good faith discussions that may resolve the SEC’s claims." read the filing.

Wahi's case marks the first instance of a cryptocurrency industry executive admitting to exploiting confidential information for personal gain. As stated in the SEC filing, Wahi and his associate unlawfully earned approximately $1.1 million by leveraging "sensitive" information related to cryptocurrency listing announcements during his employment at Coinbase.