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Highlights
- Coinbase has register a minor loss in its fight with the US SEC
- Following a recent ruling, some confidential document will remain under seal
- COIN has plunged following the ruling to deepen its monthly selloff
Coinbase stock has extended its bearish drawdown by 3% in the current trading session. This slump came following the twist in its lawsuit with the United States Securities and Exchange Commission (SEC). Judge Katherine Polk Failla sided with the regulator in a new ruling. While the win does not mean an end to the lawsuit, it has triggered a bearish switch with the firm’s investors as showcased in its stock price.
Coinbase Stock Plunges Following New Ruling
As reported earlier, the exchange has requested relief from the court with respect to the release of some key documents relating to the case. As CLO Paul Grewal explained following an earlier filing, that the US SEC is not playing by the same rules shows there is no fairness.
However, Judge Failla saw things differently and denied Coinbase’ request.
“In addition, the Court GRANTS IN FULL the SEC’s motion to permanently file under seal, viewable to the Court and parties only, certain specified redactions from both parties’ filings in connection with Defendants’ motion to compel,” the filing reads.
While the reasons for denying the Coinbase motion to seal remains unknown, the exchange has also registered important winnings in the past. Overall, the exchange’s leaders consider the current state of regulation a basis to overhaul the industry.
The twist in the case has impacted Coinbase stock which dropped by 3.67% to $153.66. Suppressed in part by the broader crypto and tech selloff, COIN has further shed over 18% in the past 5 days. The shares have not fared better over the past month as well.
Despite these trend, Coinbase stock comes off as one of the assets that scored an upgrade from Wall Street analysts recently. In line with this, Barclays upgraded Coinbase to Equal Weight from Underweight with a price target of $169, down from $206
Hopes For Legal and Regulatory Turnaround
As it stands, the Coinbase versus US SEC lawsuit has no immediate end in sight. However, the exchange is banking on the next administration to right the wrongs of the Gary Gensler led markets regulator.
Since Coinbase stock rebirth is largely hinged on its business operations, the exchange leaning toward Kamala Harris remains a much talked-about subject. Earlier, the firm’s CFO revealed Kamala Harris is now taking crypto donations through its platform. This and more insinuations suggests Coinbase might back the VP for president.
While it remain unclear how this disposition will aid crypto, many crypto leaders including Ripple Founder Chris Larsen have endorsed VP Harris. In the long run, Coinbase stock outlook will help show whether the exchange’s current positioning paid off.
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