Coinbase (COIN) will remain weighed down by high levels of uncertainty until crypto regulations are better established in the U.S., Wall Street giant Citi (C) said in a research report on Monday.

The bank cut its rating on the exchange's stock from buy to neutral and cut its price target to $65 from $80. Coinbase shares dropped 1.2% to $49.54 in premarket trading.

“Coinbase’s notions of redomiciling outside of the U.S., the company’s public responses and now a formal suit against the [Securities and Exchange Commission] are indicative that the [Wells Notice's] process has not (yet?) been productive,” analysts led by Peter Chistiansen wrote.