Why Coinbase, Riot Platforms, and Cipher Mining Are Falling This Week
Shares of many crypto stocks and cryptocurrencies fell this week as the Securities and Exchange Commission (SEC) continued to crack down on the industry.
Shares of (NASDAQ: COIN) are trading more than 16% lower for the week as of 11:39 a.m. ET Thursday, according to data from S&P Global Market Intelligence. Meanwhile, shares of the Bitcoin-mining company Riot Platforms (NASDAQ: RIOT) traded nearly 9% lower, while shares of Cipher Mining (NASDAQ: CIFR) were down roughly 11.6%.
The SEC did not mess around this week. First it sued Binance on 13 charges, and then it sued Coinbase, alleging that the large U.S.-based exchange has been running an unregistered exchange, brokerage, and clearing agency.
Source Fool.com