https://www.reuters.com/legal/coinbase-issued-wells-notice-by-sec-2023-03-22/ Coinbase received wells from the SEC today. Looks like they are breaking some rules and doing shady shit. What exactly they did is not clear yet but the stock is down >20% on the day, and 13% since this news came out. If stock does not recover soon, expect some pain. It's quite unfortunate.
And their CEO also sold shares few days ago.. and is on twitter now explaining BS
Cathy wood also sold her shares yesterday
CEO announced he'd be selling 6 months ago. He's a billionaire, you really think he's going to risk jail time to sell a tiny bit of stock?
Coinbase is relatively transparent to most of the US crypto brokerage. Last week SEC issued similar notice to paxos(stable coin issuer). Coinbase simple asking “Tell us the rules and we will follow them”.
Relatively, yes. But still shady. Also, their business model is unethical in my view. https://theodoregreenbaum.medium.com/coinbase-insiders-got-a-windfall-from-the-biggest-financial-fraud-in-modern-history-ec6cc0ff1735
Ooookay intel, go make me some chips