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Coinbase’s Stock Shreds 14% Following SEC Crackdown on Crypto Staking

The stock of leading U.S. cryptocurrency exchange Coinbase (COIN) has suffered its biggest daily loss in seven months after the country’s Securities and Exchange Commission (SEC) forced rival exchange Kraken to shut down its crypto staking services in a $30 million settlement deal.

The decline in COIN’s value can be attributed to the fact that Coinbase generates significant revenue from its crypto staking services, and the SEC is allegedly cracking down on such services.

COIN closed at $59.63 on Thursday from the day’s starting price of $68.51 and is trading at $58.99 at the time of writing, signaling a 14.13% plunge.

(By Mandy Williams)

Coinbase tokenized stock FTX Coinbase tokenized stock FTX $87.77
+23.12%
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