Coinbase CEO Brian Armstrong, CLO Grewal Sold COIN Stocks Ahead Of US SEC Action

Coinbase CEO Brian Armstrong and chief legal officer Paul Grewal sold COIN shares worth millions in March. The executives also sold Coinbase (COIN) shares ahead of the U.S. Securities and Exchange Commission (SEC) action against the crypto exchange.

According to Coinbase’s SEC filings, Coinbase CEO Brian Armstrong and chief legal officer Paul Grewal sold nearly $7 million worth of Coinbase (COIN) stocks in March. Interestingly, there’s no purchase of Coinbase stocks by the company’s executives in March again.

Brian Armstrong has sold COIN shares 18 times this month, with a total of 89,196 shares worth $5.8 million. Coinbase CEO hasn’t purchased COIN shares in the last 2 years and continuously selling more frequently in 2023. Many people reported that Brian Armstrong is selling massive amounts of his Coinbase shares in the last few days, questioning whether he knows about the SEC action.

Meanwhile, chief legal officer Paul Grewal sold 4650 COIN shares in March. According to the filing dated March 22, Paul Grewal sold 1,485 and 840 Coinbase shares worth $179,056.

In October, Coinbase CEO Brian Armstrong disclosed that he will sell his 2% stake in Coinbase over the next year for science and technology developments. He is funding scientific research in his co-founded companies such as biotechnology company NewLimit and scientific research firm ResearchHub.

Coinbase Receives Wells Notice From US SEC

The U.S. Securities and Exchange Commission (SEC) on Wednesday issued Wells Notice to Coinbase over doubts about the listed digital assets, their staking services, and other matters. Brian Armstrong and Paul Grewal blasted the SEC for regulation by enforcement.

Ripple and other crypto influencers expressed support for Coinbase, with Stuart Alderoty, Chief Legal Officer of Ripple, saying “Enemy of my enemy is my friend.”

Meanwhile, Coinbase (COIN) stock price tumbled 8% to $77.14 on Wednesday. The COIN price fell 12.17% to $67.75 in the pre-market hours.

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