Gensler Slams Crypto Exchanges, Accuses Them Of Commingling Customer Funds In Wake Of SEC Lawsuits
Portfolio Pulse from AJ Fabino
The SEC has filed lawsuits against Coinbase Global Inc (NASDAQ:COIN) and Binance, accusing them of violating securities rules and engaging in deceptive practices. Coinbase's shares dropped over 15% in early trading following the lawsuit. SEC Chair Gary Gensler emphasized the need for crypto platforms to comply with U.S. security laws.
June 06, 2023 | 2:27 pm
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Coinbase shares dropped over 15% after the SEC filed a lawsuit against the company, accusing it of violating securities rules and engaging in deceptive practices.
The SEC's lawsuit against Coinbase directly impacts the company's reputation and investor confidence, leading to a significant drop in its share price. The legal action and potential consequences of non-compliance with U.S. security laws make it likely that the stock price will be negatively affected in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100