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Coinbase shares lose 14% as legal status of cryptoassets is questioned
The selloff comes shortly after the SEC classified nine tokens as securities in a complaint against a former Coinbase employee Coinbase has a rigorous internal process for classifying tokens, exchange says Coinbase shares opened 14% lower at the start of Tuesday's trading session amid continued volatility in the crypto market and increasing regulatory uncertainty. The selloff comes days after the U.S. Securities and Exchange Commission classified nine tokens as securities in a complaint alleging that a former Coinbase product manager and people close to him used classified information for insider trading. The lawsuit “could...
Coinbase shares lose 14% as legal status of cryptoassets is questioned
- Der Ausverkauf erfolgt kurz nachdem die SEC in einer Beschwerde gegen einen ehemaligen Coinbase-Mitarbeiter neun Token als Wertpapiere eingestuft hat
- Coinbase hat einen strengen internen Prozess zur Klassifizierung von Token, sagt die Börse
Coinbase shares opened 14% lower at the start of Tuesday's trading session amid continued volatility in the crypto market and increasing regulatory uncertainty.
The selloff comes days after the U.S. Securities and Exchange Commission classified nine tokens as securities in a complaint alleging that a former Coinbase product manager and people close to him used classified information for insider trading.
The lawsuit “could be a catalyst” for the selloff, said David Tawil, president and co-founder of Prochain Capital. "However, I believe it is a red herring. These nine tokens likely represent very little revenue for Coinbase now or in the future."
Coinbase has stated that it does not list securities – all tokens traded on the platform are internally analyzed and verified to ensure this.
“We are confident that our rigorous due diligence process – a process that the SEC has already reviewed – keeps securities off our platform, and we look forward to working with the SEC on this matter,” Paul Grewal, chief legal officer at Coinbase, told Blockworks.
Coinbase was not listed as a defendant in the lawsuit against the former product manager and his employees, which the SEC announced on July 21. The crypto industry has largely described the classification of the nine tokens as securities as “regulation by enforcement.”
“The SEC has a real fight on its hands here,” Tawil said. “What about these nine coins compared to the others that were traded that they considered to be ‘securities’ for the SEC?”
Analysts surveyed by a stock research firm MarketBeat still rated Coinbase a “moderate buy,” unchanged from a month ago.
COIN was ranked No. 22 on Fidelity's list of top buys and sells on Tuesday, with 559 buy orders and 308 sells as of 10:18 a.m. ET.
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The article Coinbase Stock Loss 14% as Cryptoassets’ Legal Status Questioned is not financial advice.