Coinbase stock has plunged by 3% as its lawsuit with the United States Securities and Exchange Commission (SEC) took a new twist recently. Judge Katherine Polk Failla sided with the regulator in a new ruling. While the win does not mean an end to the lawsuit, it has triggered a bearish switch with the firm’s investors as showcased in its stock price.
Coinbase Stock Plunges Following New Ruling
As reported earlier, the exchange has requested relief from the court with respect to the release of some key documents relating to the case. As CLO Paul Grewal explained following an earlier filing, that the US SEC is not playing by the same rules shows there is no fairness.
However, Judge Failla saw things differently and denied Coinbase’ request. As of writing, Coinbase stock has dropped by 3.67% to $153.66.
This is a developing story, more details to come shortly!!
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