Shares of the cryptocurrency exchange Coinbase Global (NASDAQ: COIN) were falling hard for a second straight day following the company receiving a Wells Notice from the Securities and Exchange Commission (SEC). 

The notice from the market regulator means that Coinbase could be in violation of securities law. That, of course, spooked investors yesterday and their pessimism continued today as at least one analyst downgraded the stock in light of the notice. 

As a result, Coinbase was down by 12.4% as of 11:45 a.m. ET.  

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Source Fool.com