this is not related to the alleged inside trading a few days ago -- its much much more serious.
On CNBC
report that it’s facing SEC’s probe into whether the platform is offering unregistered securities.
This SEC probe reportedly happened before and was separate from Coinbase’s alleged insider trading scheme that led to the fraud charges against an ex-Coinbase product manager and two other people Thursday. But SEC also filed a complaint the same day, claiming that nine of the 25 tokens allegedly traded in the scheme were securities.
“I’m happy to say it again and again: we are confident that our rigorous diligence process — a process the SEC has already reviewed — keeps securities off our platform,” said Coinbase’s chief legal officer Paul Grewal on Twitter. “We look forward to engaging with the SEC on the matter.”
This is on top of the 70% drop this year for Coinbase. Not sure what this could lead to but coinbase is going to fight this all big time.
edit: there were a few rumors going on but this is more legitimate and the market is reacting to it accordingly.
source, https://www.cnbc.com/2022/07/26/coinbase-shares-tumble-after-report-that-its-facing-sec-probe.html
CNBC has confirmed with a source. The news was earlier reported by Bloomberg.
addendum: closing price -21.08% drop and still sliding after hours.
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