WASHINGTON—A former manager at Coinbase Global has reached a settlement with regulators over a novel cryptocurrency enforcement action without resolving a key question for the Securities and Exchange Commission and the crypto industry: which of the exchange’s digital assets are securities. Ishan Wahi’s deal with the SEC ends insider-trading claims over the agency’s claims that his trading tips involved crypto assets that are actually securities. While Wahi won’t pay any financial penalties to the SEC, he was recently sentenced to two years in prison in a related criminal case.