Shares fell after the news was announced, with Coinbase being sued by the SEC.
Shares soared after the details of the SEC lawsuit emerged. The SEC’s pressure on cryptocurrency exchanges is increasing day by day.
Coinbase Shares Started The Day With Rising
Coinbase’s shares plummeted after the U.S. Securities and Exchange Commission sued Binance, followed by a lawsuit against Coinbase. However, the shares of the stock market started the day with a rise.
The price was trading at $53.37, up about 3.4 percent from the open, according to TradingView data. The price opened at $53.28. Shares fell from $70 to $51 after the news of the lawsuit was heard.
The price of Coinbase’s shares plunged sharply amid breaking news that the Securities and Exchange Commission has filed a lawsuit over its staking program, the latest phase of an ongoing legal dispute between the U.S. crypto exchange and the top U.S. securities regulator.
Coinbase CEO Brian Armstrong joined CNBC today to share details on the case. “This is not good for America,” Armstrong said. “Obviously it’s not good for the industry. And now we need to get clarity from the courts.”
