Worried about the 'fairness' of crypto-related enforcement actions in the U.S., Oppenheimer moves to the sidelines on coinbase after the exchange disclosed receipt of a Wells notice from SECGov. $COIN is down 12.9% premarket. willcanny99 reports
Given the unhealthy regulatory environment, Lau – otherwise supportive of blockchain technology and digital asset development in the U.S. – said he is becoming increasingly concerned about the “fairness of the enforcement actions, and the ability for the [crypto] ecosystem to grow with seemingly limited and shrinking support from the banking system.”
With Coinbase stock up about 118% year-to-date versus a gain of around 3% for the S&P 500 stock index, Oppenheimer’s Lau said he is moving to the sidelines. “Recent strength in bitcoin indicates that people have called for alternative financial systems, but it could also become the victim of its success,” Lau added.
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