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.

Author Bio

Cameron Ciletti

Cameron Ciletti is an NFT Analyst for Lucky Trader with over four years of writing experience ranging from fantasy sports to NFTs. Cameron is very keen on CC0 NFTs as he believes free usage rights aligns with the values of what Web 3 is trying to accomplish. Cameron is also a big advocate for mental health awareness as he has Bipolar disorder and wants others to know they are not alone in their struggles with mental health. Outside of NFTs, he enjoys playing the board game Catan competitively and the video game Rocket League.

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