Opinion: The next SEC target is Coinbase

Berenberg analyst Mark Palmer shared his prediction of the situation following the news of the SEC lawsuit against Binance. He expects the regulator to not stop. Its next victim may be the largest US crypto exchange Coinbase. As well as its native token COIN.

As a reminder, there are 13 charges brought against Binance in the lawsuit, including unregistered offerings and sales of BNB and BUSD tokens. The regulator also requires to deal with unregistered activities of the platform related to Simple Earn and BNB Vault products and its staking program.

In March, Coinbase already received a Wells notice from the SEC. This means a warning about possible coercive measures. In the document, the commission voiced claims on the listing of potential unregistered securities.

Mark Palmer noted that in the event of a lawsuit, at least 37% of the net proceeds of the crypto exchange would be at risk. But so far, he continues to maintain the target price of the company’s shares at around $55.

Source: bitcoinlinux.com