Coinbase Global's stock tumbled again Tuesday, amid worries that the fallout from regulatory actions could be a lot worse than previously feared.
Shares of Coinbase Global Inc. tumbled again Tuesday, amid worries that the fallout from regulatory actions could be a lot worse than previously feared.
On Tuesday, U.S. Securities and Exchange Commission said that it charged the cryptocurrency exchange with illegally offering exchange, brokerage, clearing and staking services. The suit came a day after the SEC charged rival Binance Holdings Inc. with securities fraud. Based on his analysis, Budish said Coinbase could be on the hook for a penalty of just over $6 billion, which would be “quite meaningful versus our prior expectations.”The stock COIN dove as much as 20.9% intraday, before paring some losses to be down 13.0% in afternoon trading, and after sinking 9.1% on Monday.
The ASC said its action is a result of a task force made up of securities regulators of 10 cents, including Alabama, California, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Vermont, Washington and Wisconsin.
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