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

TAGS
Coinbase

Recommended
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Ashish Kumar

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.