Coinbase (COIN) Price Tumbles After SEC Flags Potential Legal Probe
Crypto News: Coinbase Global Inc on March 22, 2023, got served with a Wells Notice from the U.S. Securities and Exchange Commission (SEC). This suggests that the regulatory body is considering enforcement action against the crypto exchange. US SEC’s this action has led Coinbase shares (NASDAQ: COIN) price to decline in the after-hours trading.
Coinbase (COIN) Drops By 15%
According to the data, Coinbase share price (NASDAQ: COIN) dropped by 8.16% during the regular trading session and closed at the price of $77.14. However, COIN price have declined by 15.8% in the after hours trading to stand at $64.95. However, Coinbase stock has lost more than 57% of its value over the past year.
As the US watchdog continues to push regulation through enforcement actions, Coinbase has been warned of potential civil actions that involve a request for an injection, monetary penalties, or even a cease and desist order.
Also Read: Bitcoin Price and Crypto Market Tank Over SEC’s Action on Coinbase
The US SEC has increased its scrutiny against the crypto firms by utilizing its new tool in trend “Wells Notice”. However, Gary Gensler, SEC Chair has already cleared his stance against the digital asset industry, The year 2023, till now has seen the commission suing crypto firms like Genesis for not registering its crypto lending scheme. Read More Crypto News Here…
Coinbase in its blog stated that they were prepared for this disappointing development, however, the company is confident with the legality of its assets and services. It added that if needed, Coinbase will welcome a legal process in order to provide clarity over the matter.
The crypto exchange has alleged that the US SEC has not been fair or reasonable when it comes to its engagement around digital assets.
Also Read: Tron’s Justin Sun Slams the US SEC After Lawsuit
- Robinhood Lists HYPE As Hyperliquid Flips CZ Backed Aster In Perp DEX Volume
- Expert Warns More Crypto Bloodbath Ahead of CPI Data Tomorrow
- US President Promises Deal With China on Everything As ‘Trump Insider’ Begins To Close Bitcoin Shorts- Is A BTC Recovery Ahead?
- Just-In: Changpeng “CZ” Zhao Counters Peter Schiff, Says “Tokenizing Gold Is Not On-Chain Gold”
- $240 Million Hacked Crypto Exchange WazirX Reopens Deposits But Faces Community Backlash
- Ethereum Price Poised for Breakout as Wyckoff Re-Accumulation Meets BlackRock’s $110M Purchase
- BNB Price Forecast: Analysts Eye $1500 Ahead of Fresh Coinbase and Robinhood Listings
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
