Coinbase faces setbacks as CEO sells stock and Moody's lowers outlook.
TL;DR Summary
Coinbase CEO Brian Armstrong sold 29,730 shares of the company on June 5, the day before the SEC filed a complaint against the exchange for securities law violations. Armstrong has been selling Coinbase stock regularly since November under a 10b5-1 plan adopted in August, which determines the timing and size of transactions in advance. The trade could have been set up before the news of the SEC action was known to Armstrong, and the SEC could have been aware of Armstrong's trading algorithm.
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- Coinbase price target cut by Berenberg amid SEC legal showdown The Block - Crypto News
- Live news: Moody's lowers outlook on Coinbase to 'negative' Financial Times
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