Shares of Coinbase are quickly lower by 2% after a court ruling allowing the SEC to proceed with a lawsuit that Coinbase failed to register as a securities business. However the claim they acted as an unregistered broker via wallet application was dismissed, so it’s not all bad news.
Bitcoin prices also fell about 1% on the headlines, which highlight ongoing antagonism from the SEC toward crypto. There had been hope of a more-constructive stance after the ETFs and hopefulness about ETH ETFs but that’s fading.