.Citi cut its rating on crypto exchange coinbase to neutral citing regulatory uncertainty. By willcanny99.
Coinbase will remain weighed down by high levels of uncertainty, until crypto regulations are better established in the U.S., Wall Street giant Citi said in a research report on Monday.
The bank cut its rating on the stock from buy to neutral and cut its price target to $65 from $80. Coinbase shares dropped 1.2% to $49.54 in premarket trading. “Coinbase’s notions of redomiciling outside of the U.S., the company’s public responses, and now a formal suit against the SEC are indicative that the Well’s process has not been productive,” analysts led by Peter Chistiansen wrote.
“The failure of Signature Bank and whether it was crypto related along with other events of the past year are all fodder for the SEC,” the analysts wrote. Citi says that Coinbase remains a category leader and “one of the better positioned platforms should broader integration with traditional finance occur,” but the exchange is now being “tasked to advocate for a reputationally damaged industry and pave a sustainable pathway towards regulatory compliance.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
XRP Delisting Might Hurt Coinbase's Fair Notice Defense, Crypto Lawyer Says WhyCrypto lawyer warns XRP delisting might damage Coinbase's fair notice defense XRPArmy $XRP XRPCommunity XRPHolders
Read more »
Coinbase exec uses ChatGPT 'jailbreak' to get odds on wild crypto scenariosCoinbase executive and avid ChatGPT user Conor Grogan claims to have found a way to prompt the AI chatbot to predict the probability of Bitcoin going to near zero.
Read more »
Coinbase, crypto industry hope new Supreme Court doctrine is silver bullet(The opinions expressed here are those of the author, a columnist for Reuters.)
Read more »
Coinbase Ups The Ante In Its Campaign Against The SEC To Save Crypto In The U.S.Sometimes people file lawsuits not because they think they will win, but because they know the lawsuit is the only way to ignite the kind of conversation that will effect meaningful change In recent days Coinbase took two important steps to accelerate the conversation on how crypto assets in the ...
Read more »
Coinbase faces suit over alleged privacy violations in biometrics collectionA lawsuit filed against Coinbase claimed the exchange violated an Illinois privacy law with how it collected and stored information on users' fingerprints and facial scans used for logging into the platform and KYC checks.
Read more »
Cathie Wood's Ark Invest buys another $8.4 million in Coinbase sharesArk Invest added 168,869 Coinbase shares, worth over $8.4 million, to its Innovation, Next Generation Internet and Fintech Innovation ETFs.
Read more »