if that was allowed to happen.Ĭoinbase suffered its worst rout since July of last year when it was reported that US regulators were determining whether it had violated the law by allowing investment in unregulated securities. I hope that's not the case as I believe it would be a terrible path for the U.S. Coinbase’s staking services are fundamentally different and are not securities.”ĬEO Brian Armstrong took a different tact when he blasted the SEC on Twitter for 'regulation by enforcement':ġ/ We're hearing rumors that the SEC would like to get rid of crypto staking in the U.S. “What’s clear from today’s announcement is that Kraken was essentially offering a yield product. “Coinbase’s staking program is not affected by today’s news,” Grewal said in a statement. Coinbase Global stock news: Kraken fine hits close to homeĬoinbase was quick to strike down any comparison with Kraken. Coinbase Chief Legal Officer Paul Grewal told Bloomberg that his company's staking product would continue as normal.

Though Coinbase management denied its own staking product was similar or was in violation of the SEC, the market saw things differently.ĬOIN stock plunged 14.1% to $59.63 on Thursday and then tumbled down to $59 even afterhours.

Coinbase stock has broken through two support levels in the past 24 hours.Ĭoinbase Global (COIN) stock haemorrhaged throughout Thursday's session after the United States Securities & Exchange Commission (SEC) leveled a $30 million fine against rival crypto exchange Kraken for allegedly creating an “unlawful offer and sale of securities' through its crypto staking program.

Coinbase received 11% of its net reveue from staking in the third quarter.

Coinbase sold off Thursday due to the SEC fining the Kraken exchange's staking product.

Outlook for coinbase