ETH Falls Following Report of Coinbase Probe
Ethereum has seen its price fall almost 10 percent today since the news broke that Coinbase faces a U.S. Securities and Exchange Commission (SEC) investigation over its listings of select cryptocurrencies, according to a recent Bloomberg article.
The SEC is probing Coinbase alleging that the crypto exchange has let United States citizens trade digital currencies that should have been registered as securities.
If it is found that Coinbase is in fact listing securities on its platform, it would then need to register as an exchange with the SEC.
This news follows the story that the US House is delaying its bill to regulate stablecoins until at least September.
While the SEC has alleged that Coinbase has listed securties, they have not stated which coins on the platform are securities.
In regards to accusations that it has listed securites on its platform, Coinbase has said "Coinbase does not list securities. End of story.”
Ethereum is down from $1,557 to $1,415.69 in the past three hours.