Coinbase (COIN) Shares in the Red Following SEC Investigation

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Coinbase (COIN) shares turn red following news that the Securities and Exchange Commission (SEC) is investigating the cryptocurrency exchange. At the open today, Tuesday, COIN shares were down 7.70%.

According to the report published by Bloomberg, the SEC is investigating Coinbase for improperly allowing trading in various tokens that should have been registered as securities.

As the largest cryptocurrency exchange in the United States, Coinbase allows Americans to trade more than 150 tokens. If those products were considered securities, the company might need to register as an exchange with the SEC.

For Coinbase’s part, they have repeatedly argued with the agency over how it oversees the industry, and last week the company asked the SEC to propose clearer rules.

Shares of the company were trading at $61.83 at the time of writing, after closing at $67.07 in trading yesterday Monday. The shares traded lower in premarket trading, hitting a low of $62 before falling again at the open, according to Nasdaq data.

Coinbase had a poor second quarter of the year, losing almost 75% of its value. It started in April at over $180 but hit $50 last month. Some expert analysts forecast COIN shares lower, and think there could be more layoffs than the company’s employees have already suffered.

Stock trading rallied last week, in line with broader financial markets, as the Nasdaq Composite, S&P 500 and even cryptocurrencies trended higher. However, this trend has stopped and, in the case of cryptocurrencies, has been completely reversed.

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