ZH: Coinbase tumbles after-hours on Wells notice disclosure

ZERO HEDGE writes:

Coinbase shares are tumbling after-hours, down almost 20% on the day, following its disclosure that it received a notice from the SEC formally declaring the securities regulator’s plans to bring an enforcement action against the largest US crypto exchange.

SEC Chair Gary Gensler has repeatedly said many of the tokens and products offered by crypto companies are securities and that the trading platforms need to register with his agency, and in a filing this afternoon, Coinbase said the so-called Wells notice regards aspects of its ...