Coinbase Share Price Crashed After SEC Warning; Bitcoin And Ether Unimpressed!
The announcement of an enforcement action by the U.S. Securities and Exchange Commission (SEC) against Coinbase today sent the stock price down by nearly 20% at the start of trading. Coinbase management had tried to explain and reassure on Twitter. However, that didn't help for the time being. The possible qualification of certain assets and offerings as securities could actually shatter the Coinbase business and revenue model (report here).