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Cryptocurrency investors are well aware of the difficulties imposed by the SEC’s lawsuits against exchanges. Last year, the SEC intensified its pressure, taking legal action against Coinbase and Binance exchanges. Binance opted for a settlement due to the pressure, but things at Coinbase were not proceeding in the same way. Recently, there has been a new development in the case.
In the ongoing case between Coinbase Exchange and the SEC, the judge has made a historic decision.
According to the announcement, the judge ruled that Coinbase’s Staking Program likely constitutes an investment contract, appearing to offer unregistered securities.
However, the judge rejected the SEC’s claim that Coinbase’s Wallet services acted as an unregistered brokerage, marking a significant event.
Following the news, the share price of Coinbase Global Inc (NASDAQ:COIN) trading on the US stock exchanges plummeted. The price, which was at $267 at the start of trading, was hovering above $253 after a 4.63% drop following the news.
It is now a subject of curiosity what developments may follow this news. It is also anticipated that the legal battles between the SEC and exchanges will continue at full speed.
What is the Current Price of Bitcoin?
While all this was happening, the price of Bitcoin also appeared to be declining. After a 0.92% decrease in the last 24 hours, the BTC price was at $69,147.
