Coin Gabbar Token

Cryptocurrency exchange Coinbase saw its stock price drop over 20% at the start of trading on June 6.As of now, the shares have recovered slightly and are trading at $50.14, down from a low of $46.43. The company&#39;s market value is currently $13.7 billion.On the same day, the US<a href="https://www.coingabbar.com/en/crypto-currency-news/sec-files-lawsuit-against-coinbase" rel="noopener noreferrer nofollow"> Securities and Exchange Commission (SEC)</a> filed a lawsuit against Coinbase, accusing it of operating as an unregistered national securities exchange, broker, and clearing agency. The SEC also claimed that Coinbase failed to register its crypto asset staking-as-a-service program. SEC Chair Gary Gensler expressed concern over Coinbase&#39;s alleged failures, as they deprive investors of important protections against fraud and manipulation.Coinciding with the SEC&#39;s lawsuit, a task force composed of state security regulators from ten states issued a Show Cause Order against Coinbase. The order alleges that Coinbase violated securities laws by offering its staking rewards program to residents of Alabama without proper registration. Coinbase has 28 days to respond and provide reasons why they should not be required to cease selling unregistered securities in Alabama.Coinbase made its debut on the US Nasdaq exchange on April 14, 2021. Since then, its stock has plummeted by 88% from its all-time high of around $435, which was achieved on the day of listing. To comply with listing requirements, Coinbase had to file a Form S-1 and gain approval from the SEC.<h3 id="in-easier-terms">In easier terms:</h3>Cryptocurrency exchange Coinbase&#39;s stock dropped a lot and is now trading at $50.14, down from $46.43 at the start of the day. At the same time, the SEC filed a lawsuit against Coinbase, saying they didn&#39;t follow the rules and offer unregistered services. They also failed to register their staking program.The SEC is worried because this puts investors at risk. State regulators in ten states also gave <a href="https://www.coingabbar.com/en/crypto-currency-news/coinbase-challenges-tornado-cash-sanctions" rel="noopener noreferrer nofollow">Coinbase</a> an order, saying they broke the rules in Alabama. Coinbase has 28 days to explain why they should keep doing what they&#39;re doing. Coinbase went on the Nasdaq exchange in April, but its stock has fallen by 88% since then. They had to get approval from the SEC to do this.

Coinbase Stock Plunges 20% Following SEC Lawsuit

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