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D. New JerseyCourt
On July 25, 2022, Bloomberg reported that Coinbase is facing an SEC probe into whether it improperly let Americans trade digital assets that should have been registered as securities.
Coinbase allowed Americans to trade digital assets that Coinbase knew or recklessly disregarded should have been registered as securities with the SEC.
This misconduct and omissions subjected the Company to a heightened risk of regulatory and governmental scrutiny and enforcement action which led consequently to the SEC investigation.
On this news, the price of Coinbase’s stock fell by 21.08%, to close at $52.93 per share on July 26, 2022.
Breach of Fiduciary duty
Shock Event Date
25 July 2022