The case is being watched closely by the second person to be criminally charged with spoofing, Navinder Sarao, a London-based trader also accused of market manipulation. Sarao has denied the allegations.
The case raises the following issues:
1) Will the verdict encourage more prosecutors to bring market manipulation cases? It's not clear, since these are very complex cases. But it certainly creates a clearer legal framework for prosecution.
2) Will it cause some traders to alter their trading strategies? Since Coscia's orders were only on the books for a fraction of a second, his target was clearly HFTs. Citadel and other HFT firms testified for the government against Coscia.
Since this is the first case brought under the new law, there's a good chance the verdict will be appealed. I'm sure there will be discussion around the judge's instructions to the jury on how they decided Coscia had a clear intent to defraud.