- Now all eyes are on Katie Wood
- or rather, whether her Ark Invest fund will continue to buy Coinbase securities
Coinbase, the largest U.S. cryptocurrency exchange, is down 9.05% today. As many readers already know, the reason was the main news of the week – the suit of the SEC against Binance. Shares of MicroStrategy, the world’s largest corporate bitcoin owner, are down 8.53%.
Coinbase has its own legal battle with the SEC. In March, the regulator said the platform violated investor protection laws and threatened enforcement action. Coinbase reported in April that the SEC’s actions undermined the regulator’s own credibility as a controller of companies that register stock sales to the public.. The exchange has asked the court to force the commission to publicly respond to their request for clearer crypto-regulation rules. They believe the war on the industry benefits China.
The market expects more news today about the fate of Coinbase and the entire crypto industry in the U.S.. After all, the exchange’s general counsel, Paul Grewal, will testify before the House Agriculture Committee.
He is preparing to convince the agency to create clear rules. Politicians will also discuss the structure of the digital asset market.
Investors will now follow Kathy Wood and her Ark Invest funds. The company often buys Coinbase stock when it falls. And then sells at a good profit.