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☆ Stocks making the biggest moves premarket: Apple, Amgen, Cloudflare and more
▼ + stars: | 2024-05-03 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

Hershey — Shares of the chocolate confectionary maker added about 1% after Hershey posted a first-quarter earnings beat. Hershey's $3.25 billion revenue also beat the $3.11 billion consensus. Amgen — Shares soared 13% after the biotech firm posted a first-quarter earnings and revenue beat. Cloudflare — The stock continued to sink, plunging 12% after reporting weak full-year guidance, although Cloudflare posted a first-quarter earnings and revenue beat. However, Coinbase's first-quarter revenue of $1.64 billion beat the $1.34 billion consensus, according to LSEG.

Persons: Hershey, LSEG, Apple, Eli Lilly, Cloudflare, Expedia, Piper Sandler, Fortinet, FactSet, Jefferies, Coinbase's, Benjamin Nolan, — CNBC's Brian Evans, Michelle Fox, Hakyung Kim, Tanaya Macheel Organizations: Hershey —, Apple, Novo Nordisk, BMO Capital Markets, Revenue, Arista Networks, Arista, LSEG . Union Pacific, JPMorgan Locations: billings, LSEG, Stifel

☆ Friday's analyst calls: Street reacts to Apple buybacks and Coinbase earnings
▼ + stars: | 2024-05-03 | by ( Alex Harring | ) www.cnbc.com time to read: +12 min

Analyst Scot Ciccarelli upgraded the retailer to buy from hold and raised his price target by $6 to $86. — Alex Harring 6: 22 a.m.: Here's what Wall Street thinks of Coinbase's earnings Coinbase's stronger-than-expected earnings have prompted analyst reactions. Barclays' Benjamin Budish (underweight, $179 price target unchanged, 21.8% downside): "The biggest question going forward is, how sustainable are these trends? — Alex Harring 6:12 a.m.: Wall Street reacts to Apple earnings Apple's buyback announcement has caught the eye of Wall Street analysts. Analyst Benjamin Nolan upgraded the railroad stock to buy from hold and increased his price target by $19 to $267.

Persons: Morgan Stanley, Jefferies, Bernstein, Aneesha Sherman, Sherman, — Alex Harring, Truist, Scot Ciccarelli, Ciccarelli, Ollie's, Estee Lauder, Dara Mohsenian, Mohsenian, Alex Harring, FactSet, Coinbase, what's, —, Goldman Sachs, Will Nance, Benjamin Budish, Oppenheimer's Owen Lau, JPMorgan's Samik Chatterjee, Morgan Stanley's Erik Woodring, Michael Ng, bullish, George Notter, Notter, We've, it's, Stifel, Benjamin Nolan, Nolan, — Alex Harring —, Michael Bloom Organizations: CNBC, Arista and Union Pacific, Apple, Arista, FactSet, Barclays, Bloomberg, ASU, Street, Services, Jefferies, Arista Networks, Nvidia, Microsoft, Meta, Pacific, Union Pacific Locations: F3Q, China, Thursday's

☆ Coinbase reports first-quarter revenue beat after bitcoin rally leads surge in profit
▼ + stars: | 2024-05-02 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +3 min

Coinbase reported better-than-expected revenue in its first-quarter earnings report on Thursday. Transaction revenue has historically been a primary driver of revenue, with subscription and services revenue bringing in $511 million for the quarter. The stock tends to benefit from big gains in bitcoin as large rallies in the cryptocurrency lead to increased trading volumes and demand for other services. During the first quarter, bitcoin hit a new all-time high above $73,000 in March, and ethereum, the second-biggest digital asset, underwent its first major upgrade in over a year. "Indeed, trading volumes on Coinbase's platform have come well down from early-March levels."

Persons: Coinbase, bitcoin, Raymond James analysts, Raymond James Organizations: SEC, Coinbase Locations: U.S, bitcoin, Crypto.com

Meanwhile, Wells Fargo called for 20% upside for Meta Platforms and raised one of its estimates for the company's ad sales. Despite those positive trends, the new price target from KBW is still below the stock's closing level on Tuesday of $245.84. — Jesse Pound 5:53 a.m.: Redburn Atlantic upgrades UPS UPS could be in for strong gains after a slow start to the year, according to Redburn Atlantic. Analyst Oliver Holmes upgraded the package delivery giant to buy, raising its price target to $180. "We believe UPS is at, or close to, trough revenue, volume, margin and share price levels," Holmes wrote to clients.

Persons: Wells, Tesla, Gary Mobley, Wolfspeed, Mobley, Wells Fargo, — Jesse Pound, Ronald Jewsikow, Guggenheim, Jewsikow, Richard Shane, Shane, Coinbase, Keefe, Kyle Voigt, Voigt, Ken Gawrelski, Gawrelski, Oliver Holmes, Holmes, Fred Imbert, ~ ~ . Organizations: CNBC, Wednesday, UPS, Hyundai, Guggenheim, JPMorgan, ADV, SEC, Meta, Wall, ~$ Locations: Wells Fargo, 4Q23 ., Tuesday's

☆ Enhanced Games Are Olympics With Steroids, Pay; Meet the Founder
▼ + stars: | 2024-03-31 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +14 min

Several countries pay bonuses to medal winners, and high-profile athletes may get brand deals and sponsorships, but many Olympic athletes live quiet lives. AdvertisementD'Souza suggested he received funding for the Enhanced Games in the "single-digit millions" but declined to specify the amount. So far, it's unclear what kind of talent Enhanced Games will attract. He said that at the Enhanced Games, athletes would get comprehensive health checkups to monitor the effects of "whatever enhancement protocols" they're on and ensure they're fit to compete. D'Souza said he planned to announce more details about the Enhanced Games this summer — right around the Paris Olympics.

Persons: Aron D'Souza, gymgoers, D'Souza, Thomas Bach, Bach, Uber, Christian, Christian Angermayer, Balaji Srinivasan, Coinbase's, Peter Thiel, Angermayer, Srinivasan, Thiel, Hulk, Charles Harder, Harder, didn't, Sargon, Peter, VCs, Thiel hasn't, he's, James Magnussen, James, he'd, Marta Nawrocka, BI's Gabby Landsverk, Jim Walden, Grigory Rodchenkov, it's, who'd Organizations: International, Olympic, IOC, West Germany's Olympic, The New York Times, Business, Apeiron Investment, University of Melbourne, Gawker Media, BuzzFeed, Gawker, Abrams, Australian Financial, US, Doping Agency, UFC, Drug Free, NFL, NBA, MLB, Testing Agency, ITA, CNN, FBI, Sports, Gaming Initiative, Paris Locations: Miami, Lausanne, Switzerland, Oxford, Australian, Russia

The Securities and Exchange Commission scored a major win in its lawsuit against Coinbase on Wednesday, as a judge ruled that its claim that the cryptocurrency exchange engaged in unregistered sales of securities could be heard by a jury at trial. Coinbase shares fell around 2% on news of the ruling in Manhattan federal court rejecting its bid to dismiss the SEC's complaint. The regulator first filed suit against Coinbase in June, alleging the company was acting as an unregistered broker and exchange. "The Court finds that the SEC adequately alleges that Coinbase, through its Staking Program, engaged in the unregistered offer and sale of securities," Failla wrote. In June, SEC Chair Gary Gensler said that trading platforms like Coinbase "call themselves exchanges" but were "commingling a number of functions."

Persons: Coinbase, Katherine Polk Failla, Failla, Paul Grewal, Grewal, Gary Gensler, Gensler Organizations: The Securities, Exchange Commission, Coinbase, SEC, New York Stock Exchange, CNBC Locations: Manhattan, U.S

☆ Here's why Mizuho's Dan Dolev doesn't favor Coinbase
▼ + stars: | 2024-03-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's why Mizuho's Dan Dolev doesn't favor CoinbaseDan Dolev, Mizuho fintech equity research analyst, joins 'The Exchange' to discuss ADP's stock valuation, Coinbase's role in the crypto ecosystem, and more.

Persons: Dan Dolev doesn't, Dan Dolev Organizations: Mizuho

(This is CNBC Pro's live coverage of Tuesday's analyst calls and Wall Street chatter. An online car seller and a crypto trading platform were in focus on Tuesday's analyst chatter. Carvana shares are up more than 47% this year, soaring after the company topped fourth-quarter profit estimates. Until ETP flows taper and/or reverse, we suspect the stock's current momentum may persist," analyst Patrick O'Shaughnessy wrote. COIN YTD mountain COIN year to date Coinbase shares received a boost from the ETF excitement, rising more than 40% year to date, as bitcoin climbs to record highs .

Persons: Coinbase, Raymond James ., Jason Bazinet, Bazinet, — Pia Singh, Jefferies, Carvana, John Colantuoni, Carvana hasn't, Raymond James, Patrick O'Shaughnessy, ETP, O'Shaughnessy, — Fred Imbert Organizations: CNBC, underperform, Jefferies, Citi, New York Times, Citi Research, Bazinet , New York Times Locations: Bazinet ,, underperform, Monday's

Michael Saylor, chairman and CEO of MicroStrategy, speaks during the Bitcoin 2022 conference in Miami on April 7, 2022. While the long-term safety of bitcoin may still be up for debate, Saylor's strategy has been a hugely lucrative one, particularly this week. Add it up and Saylor is about $700 million richer than he was on Sunday. Between Saylor's MicroStrategy control and his bitcoin, his holdings climbed to $2.96 billion in value on Wednesday from $2.27 billion at the start of the week. The company said on Monday that it acquired an additional 3,000 bitcoins for a total of $155 million between Feb. 15 and Feb. 25.

Persons: Michael Saylor, MicroStrategy's Michael Saylor, Saylor, MicroStrategy, Andrew Kang, bitcoin Organizations: MicroStrategy Locations: Miami, bitcoin

☆ Wall Street cheers Coinbase after its first quarterly profit in 2 years, but skepticism lingers
▼ + stars: | 2024-02-16 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +8 min

Wall Street is celebrating Coinbase after the crypto exchange operator posted its first quarterly profit in two years. Late Thursday, Coinbase posted earnings of $1.04 per share on $954 million of revenue for the fourth quarter. "Happy days are here again" for Coinbase, as Raymond James put it, but it's not clear for how long. "That said, we maintain our U/P rating given crypto market unpredictability, lack of revenue diversification, valuation, and continued legal overhang." JPMorgan, neutral, PT $95 "Management calls spot bitcoin ETFs [a] net positive but, we're still unconvinced," said JPMorgan's Kenneth Worthington.

Persons: Coinbase, haven't, bitcoin, Raymond James, Goldman Sachs, Goldman, Will Nance, revs, Jason Kupferberg, Benjamin Budish, EBITDA, underperform, Patrick O'Shaughnessy, we're, Kenneth Worthington, Keefe, KBW's Kyle Voigt, Oppenheimer, Owen Lau, Devin Ryan, Needham, John Todaro, Canaccord, Joseph Vafi, Michael Bloom Organizations: LSEG, U.S . Securities, Exchange Commission, " Bank of America, Bank of America, Barclays, JPMorgan, Management, SEC, Coinbase's, BTC Locations: U.S, Coinbase, Needham

☆ Stocks making the biggest moves midday: Coinbase, Roku, Nike, Super Micro Computer and more
▼ + stars: | 2024-02-16 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Coinbase Global — Shares surged nearly 16% after the cryptocurrency exchange reported its first profit in two years. Roku — The streaming service provider slid 24% after posting a larger-than-expected loss for the fourth quarter. Dropbox — Shares shed 20% after the cloud storage company issued lower-than-expected first-quarter revenue guidance. Dropbox now forecasts revenue in the range of $627 million to $630 million, versus the $632.5 million expected from analysts polled by FactSet. Super Micro Computer — The information technology company shed 11.6% after Wells Fargo initiated coverage of the stock with an equal weight rating.

Persons: Coinbase's, Yelp, FactSet, Toast, DoorDash, Wells, Carvana, Raymond James, —, Samantha Subin, Sarah Min, Alex Harring, Pia Singh Organizations: LSEG, Revenue, Nike —, Oppenheimer, FactSet, Bloom Energy, Nvidia —, Loop Locations: Carvana's

☆ Former UK finance minister joins Coinbase crypto exchange as an advisor
▼ + stars: | 2024-01-31 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Former British Chancellor George Osborne addresses guests during a visit to the Manchester Chamber of Commerce on July 1, 2016 in Manchester, England. LONDON — A former British finance minister on Wednesday joined cryptocurrency exchange Coinbase as a global advisor, beefing up the company's regulatory bargaining power at a time when it faces severe scrutiny stateside. Coinbase announced that George Osborne, who served as Britain's chancellor of the exchequer from 2010 to 2016, will join the company on its global advisory council. Faryar Shirzad, Coinbase's chief policy officer, said the company was "pleased to have George join our council at an exciting time for us in the U.K. and globally." We look forward to relying on his insights and experiences as we grow Coinbase around the world," Shirzard added.

Persons: George Osborne, beefing, He'll, Mark Esper, Patrick Toomey, Coinbase, George, Shirzard, Osborne Organizations: Manchester Chamber of Commerce, Wednesday, Coinbase, of Defense Locations: Manchester, England, British, Coinbase

☆ Here are Friday's biggest analyst calls: Nvidia, Netflix, Apple, Starbucks, Marvel, Coinbase, IBM, Amazon & more
▼ + stars: | 2024-01-19 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Goldman Sachs upgrades Fiverr to buy from neutral Goldman said the Israeli online marketplace is well positioned for AI. Bank of America reiterates Amazon as buy Bank of America said it's standing by its buy rating on Amazon shares. Bank of America downgrades Celsius to neutral from buy Bank of America says it sees "uncertainty to sales momentum" for the energy drink company. Deutsche Bank names Starbucks a top pick Deutsche says it sees an improved same-store sales environment for Starbucks in 2024. Bank of America upgrades Teekay Tankers to buy from neutral Bank of America upgraded the tanker stock due to "rising rate upside."

Persons: Stifel, McKhann, thoughtfully, Goldman, Goldman Sachs, FVRR, Raymond James, TXN, Oppenheimer, Morgan Stanley, ASML, Citi downgrades Blackstone, Carlyle, it's bullish, headwinds, Evercore, Price, Apple Evercore, Janney, Jefferies, Hertz Organizations: Broadcom, Semiconductor, Enterprise, Nvidia, Bank of America, Amazon, North, Holdings, Netflix, Deutsche Bank, Starbucks, Deutsche, SSS, UBS, Texas, Barclays, Nokia, Ericsson, Citi downgrades, Citi, BMO, Marvel, " Bank of America, United Rentals, of America, IBM, Enterprise IT, Apple, Shoals Technologies, Inc, HSBC, Discover, Motorola Solutions, HERTZ Locations: North America, 4Q, 2026E, CY24

☆ Sell the hype: A trade that wins if bitcoin retreats now that an ETF is finally here
▼ + stars: | 2024-01-12 | by ( Jeff Kilburg | ) www.cnbc.com time to read: +4 min

Asset managers, as well as investors, have been hoping for a spot bitcoin ETF for more than a decade. The reluctant approval from the SEC follows many years of rejections and delays of various attempts to launch a spot bitcoin ETF for public investing. After that legal ruling, money managers had significant confidence heading into 2024 for this spot bitcoin ETF vehicle to come to fruition. The trade In order to express my bearish view on bitcoin, I will use COIN as a proxy to bitcoin. I can hedge my long bitcoin exposure, define my risk in the trade, and also reduce hedging costs.

Persons: bitcoin Organizations: SEC Locations: United States

☆ Coinbase threatened by bitcoin ETFs after almost 400% surge in stock last year
▼ + stars: | 2024-01-10 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +8 min

"We estimate Bitcoin custody and surveillance revenue will more than offset decline in Bitcoin trading volume as assets migrate to ETFs," the analysts said. "Spot bitcoin ETFs appear poised to take volume away from crypto exchanges," said Bryan Armour, director of passive strategies research for North America at Morningstar. watch nowMizuho sees the income from custody fees as fairly modest given how far investors have pushed up the stock. "They are essential infrastructure in terms of custody, trading, and surveillance for the majority of the ETF proposals," Carter said. WATCH: Former SEC Chair Jay Clayton on changes in bitcoin trading

Persons: Brian Armstrong, Michael Nagle, Coinbase, Franklin Templeton, they'll, Bernstein, bitcoin, Emilie Choi, —, Mizuho, Bryan Armour, Choi, we've, Nic Carter, Carter, Jay Clayton Organizations: Coinbase Global Inc, Bloomberg, Getty, SEC, Coinbase, BlackRock, JPMorgan, Mizuho, FactSet, Circle's U.S, CNBC, North America, Morningstar, Fidelity, Castle, Ventures Locations: New York, BlackRock, Coinbase, bitcoin

☆ Crypto firms introduce risk assessments and finance tests in response to strict new rules in UK
▼ + stars: | 2024-01-05 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

It comes ahead of tough new rules on the advertising of digital asset products in the country. If a customer fails to complete the tasks successfully, they will be prevented from trading with their crypto account. Coinbase said the changes were made "to ensure we are meeting UK investor protection standards, which require our users to have the necessary knowledge to make informed investment decisions." "We do not expect this to impact user activity in the UK and as always our customer service team is on hand to help with any queries," George Tucker, U.K. general manager of Crypto.com, told CNBC via email. "As an authorised Electronic Money Institution and registered cryptoasset business in the U.K., Crypto.com supports and complies with the FCA's rules and will continue to work with the regulator as we expand our product offering here," Tucker added.

Persons: Brian Armstrong, Daniel LEAL, DANIEL LEAL, Coinbase, George Tucker, Crypto.com, Tucker Organizations: Global Investment, Getty, Financial Services, Markets, Authority, FCA, CNBC Locations: London, Britain, cryptocurrency

Here's the state of play globally for crypto regulation and enforcement in 2023 — and a look at what to expect in 2024. "However, much of their work has involved providing guidance to the industry through enforcement actions," continued Levin. Crypto market participants nevertheless hope that the spate of legal challenges brought to crypto companies in 2023 will bring clarity in the form of new regulations. The U.S.'s dominant role in global finance and its focus on consumer protection plays a crucial role in its leading position in crypto regulation enforcement. The region has been increasingly warming to crypto assets, despite a broader anti-crypto push from China, which banned bitcoin trading and mining in 2021.

Persons: Al Drago, Binance, Sam Bankman, Renato Mariotti, Mariotti, Richard Levin, Nelson Mullins Riley, Levin, ada, Changpeng Zhao, Damian Williams, Brian Armstrong, Armstrong, Alyse Killeen, Scarborough's Levin, FinCEN, Killeen, Diem, USDC, Braden Perry, it's, Kennyhertz Perry, Perry, Bafin Organizations: U.S . Securities, Exchange Commission, Bloomberg, Getty, Regulators, Securities and Exchange Commission, U.S, Alameda Research, U.S . Justice Department's Securities, Commodities, CNBC, Capitol, SEC, Futures Trading Commission, Department of Justice, Scarborough, CFTC, Protocol Labs, Southern, of, Stillmark, Meta, Visa, Mastercard, U.S ., European, IRS, European Union, EU, France's Financial Markets Authority, AMF, Treasury, Monetary Authority of, Three Arrows, Terra Labs, Terra, Hong Kong Securities, Futures Commission, SFC, OSL Locations: Washington, Europe, Asia, U.S, Alameda, of New York, European, Crypto, Ireland, Germany, France, Italy, Netherlands, Singapore, Dubai, Hong Kong, Monetary Authority of Singapore, China, East, Africa

☆ Coinbase comeback has further to go as retail investors are only starting to rediscover crypto, Needham says
▼ + stars: | 2023-12-05 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Coinbase shares have even further to climb despite already being up 13% since the start of December and the low appetite for crypto coming from retail investors, according to Needham. Needham raised its price target on Coinbase on Tuesday to $160 from $120, implying about 13% upside from its closing price Monday. Meanwhile, although retail investors' appetite for crypto has improved since bottoming a year ago after the collapse of FTX, interest is generally low, according to Needham. "Retail crypto engagement is considerably lower than in prior years and despite the recent price gains, has been fairly muted," Todaro said. Dominance tends to rise in bear markets as investors rotate into the safety of bitcoin compared to other crypto coins .

Persons: Needham, John Todaro, Todaro, Coinbase, Franklin Templeton, Michael Bloom Organizations: U.S . Department of Justice, Apple Locations: Needham, U.S, BlackRock, WisdomTree, bitcoin

☆ Crypto stocks set to start December on high note as bitcoin hits near 19-month high
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

Shares of bitcoin miners - whose profitability improves as bitcoin climbs - including Riot Platforms (RIOT.O), Marathon Digital (MARA.O) and TeraWulf (WULF.O) rose between 1.7% and 4%. "Higher crypto prices should lead to a boost in transaction volume and transaction revenues for Coinbase as we enter 2024," said CFRA Research analyst Michael Elliott. However, Elliott cautioned the crypto exchange faces both legal challenges and new regulations that are likely to take time to play out and will continue to result in volatility for the stock. The ETF approval bets have helped counter latest concerns after Changpeng Zhao, the founder of the world's largest crypto exchange, stepped down and pleaded guilty to breaking U.S. anti-money laundering laws. Among other gainers were U.S. software developer and bitcoin investor Microstrategy (MSTR.O), up nearly 3.5%, and ProShares Bitcoin Strategy ETF (BITO.P), which added 2.1%.

Persons: Dado Ruvic, Noelle Acheson, J.P.Morgan, Iris, Michael Elliott, Elliott, Changpeng Zhao, Microstrategy, Medha Singh, Sriraj Kalluvila, Krishna Chandra Organizations: REUTERS, Cipher Mining, Iris Energy, Marathon, CFRA, Thomson Locations: bitcoin, Bengaluru

SoFi will no longer be offering crypto trading services starting on December 19, 2023. Account Minimum $0 ($1 for fractional shares; $2,000 for margin trading) Fees 0% ($5/month for Robinhood Gold) Pros Check mark icon A check mark. Buy, sell, or store more than 170 cryptocurrencies like bitcoin and dogecoinCheck mark icon A check mark. Limited staking options Insider’s Take Coinbase is one of the best investment platforms for crypto trading, staking rewards, and crypto storage. The crypto trading app has 24/7 customer support, zero trading fees, learning rewards features, and an online storage wallet.

Persons: SoFi, eToro, Jeremy Zafiros, you'll Organizations: SoFi, Robinhood, Coinbase, Pro, USA, eToro USA, Smart, eToro Trading, eToro, Visa, Mastercard Locations: Blockchain.com, USA, New York , Minnesota , Nevada , Puerto Rico , Tennessee, Hawaii, Guam, American Samoa , Northern Marianas, There's, New York , Nevada , Puerto Rico, American Samoa, Virgin Islands, Abra

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsCompanies Coinbase Global Inc FollowWASHINGTON, Nov 3 (Reuters) - The U.S. Supreme Court on Friday agreed to hear a dispute over Coinbase's (COIN.O) effort to move a dispute with users of the cryptocurrency exchange out of courts and into private arbitration, which businesses often prefer over litigation. The decision about which contract prevails, in turn, would determine if the dispute proceeds in arbitration or in court. Upon creating their Coinbase accounts, users agreed to resolve any disputes with Coinbase in arbitration. But a subsequent agreement that related specifically to the sweepstakes said disputes over the contest should be heard in court in California. A federal judge in California refused Coinbase's request to force the dispute into arbitration, as the company argued the user agreements required.

Persons: Dado Ruvic, duping, John Kruzel, Will Dunham Organizations: REUTERS, WASHINGTON, U.S, Supreme, Coinbase, Circuit, Thomson Locations: Coinbase, California, dogecoin, San Francisco, Coinbase's

☆ Coinbase shares rise 7% as Grayscale ETF ruling takes effect
▼ + stars: | 2023-10-24 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Brian Armstrong, CEO of Coinbase, slammed the U.S. Securities and Exchange Commission. He also said the cryptocurrency exchange is looking to invest more outside of the U.S.Shares of cryptocurrency exchange Coinbase rose about 7% Tuesday afternoon as optimism about a long-awaited bitcoin spot ETF approval buoyed the stock. It could be a turning point for the company, which has been sparring with the Securities and Exchange Commission in Manhattan federal court. Grayscale saw a victory formalized in federal appeals court Monday, when a judge's mandate that the SEC review the company's Bitcoin ETF proposal took effect. The company is one of the largest crypto custodians and has been tapped by a host of prospective ETFs, including BlackRock's proposed Bitcoin ETF, in that capacity.

Persons: Brian Armstrong, BlackRock's Organizations: U.S . Securities, Exchange Commission, U.S, Securities and Exchange Commission, SEC Locations: Manhattan

☆ Coinbase picks Ireland as its main EU regulatory hub as U.S. authorities go on the offensive
▼ + stars: | 2023-10-19 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

If and when it is approved, Coinbase will have a universal "MiCA license" in Ireland, which it can then use to "passport" its services into Germany, France, Italy, the Netherlands and other EU countries. The rules will allow crypto companies to use one license in one country to operate across all 27 EU member states. Currently, Coinbase has an electronic money institution license and virtual asset service provider registration in Ireland; a crypto license in Germany; and national registrations in other EU member states including Italy, the Netherlands and Spain. Paul Grewal, Coinbase's chief legal officer, said that progress has been "slower" than he'd like when it comes to achieving crypto regulation in the U.S. "We're now seeing in court cases real questions being asked about the U.S. approach to crypto regulation and in particular securities regulation," he said.

Persons: Coinbase, Nana Murugesan, we've, Murugesan, Paul Grewal, isn't, Grewal, CNBC's Arjun Kharpal — Organizations: Getty, European Union, CNBC, Central Bank of Ireland, EU, U.S . Securities, Exchange Commission, SEC Locations: Crypto, Dublin, Ireland, Germany, France, Italy, Netherlands, Spain, U.S, San Francisco, United States, Central, Northern, Western Europe, North America, Europe, headcount

Smartphone with displayed Coinbase logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsCompanies Coinbase Global Inc FollowOct 3 (Reuters) - The U.S. Securities and Exchange Commission (SEC) on Tuesday asked a federal judge to deny a motion from Coinbase Global (COIN.O) to dismiss the regulator's lawsuit against the cryptocurrency exchange. THE TAKETuesday's filing showed that the SEC is seizing on the Terraform Labs ruling to raise questions about the ruling in the Ripple case, which the crypto industry had hailed as a victory. THE CONTEXTThe SEC sued Coinbase in June, accusing it of operating illegally as a national securities exchange, broker and clearing agency without registering with the regulator. Thus, the Motion hinges on whether Coinbase intermediated transactions involving investment contracts, and thus securities.

Persons: Dado Ruvic, Coinbase, Paul Grewal, Hannah Lang, Chris Prentice, Jonathan Stempel, Cynthia Osterman, Stephen Coates Organizations: REUTERS, U.S . Securities, Exchange Commission, SEC, Coinbase, Ripple Labs, Terraform Labs, Terraform, Thomson Locations: Manhattan, Washington, New York

☆ Coinbase CEO Brian Armstrong on regulation: It's really imperative that we get this right
▼ + stars: | 2023-09-28 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCoinbase CEO Brian Armstrong on regulation: It's really imperative that we get this rightCoinbase CEO Brian Armstrong joins 'Squawk Box' to discuss 'Stand With Crypto Day', the state of the crypto industry, regulatory framework, Coinbase's international expansion, and more.

Persons: Brian Armstrong

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