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Coinbase CEO Faces Allegations Of Insider Trading In $1.7 Million Stock Sale
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Coinbase CEO Faces Allegations Of Insider Trading In $1.7 Million Stock Sale

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
Coinbase

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The recent allegations of insider trading against Coinbase CEO Brian Armstrong have raised concerns among investors and industry experts. Armstrong sold nearly 30,000 shares of his company worth over $1.7 million just two days before the Securities and Exchange Commission (SEC) initiated enforcement action against Coinbase.

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Coinbase Investors Question CEO’s Stock Sale Prior SEC Complaint

Coinbase CEO Brian Armstrong has come under scrutiny after selling a massive 29,730 shares of his company’s Class A Common Stock on June 5, 2023, according to a Form 4 filed with the Securities and Exchange Commission. Armstrong made the sale in eight separate transactions, all on the same date, at an average price of $60.3 per share. This netted him over $1.7 million in total.

There is speculation that Armstrong’s stock sale was a pre-planned transaction, made before Coinbase’s stock plummeted from $63 per share to $44, a considerable decline of 30%. This has raised concerns among investors about the possibility of insider trading or a planned stock sale by the company’s executives.

However, executives at publicly traded companies like Coinbase since 2021, are often required to follow strict rules about when and how they can trade their company’s stocks. 

They are typically required to set up a trading plan, which allows them to schedule sales of their stocks well in advance, at times when they do not possess insider information. The plan’s details, including how many shares to sell and when must be pre-determined and followed exactly.

If Armstrong’s sale was made according to his plan, the timing of the sale just a day before the SEC lawsuit was made public would be a coincidence. However, some investors are still concerned about the optics of the sale and the possibility of insider trading.

Nevertheless, companies are typically bound by disclosure rules that require them to inform the public of significant events as soon as possible. The announcement of the SEC lawsuit likely followed these rules, and it’s possible that the news coincided with Armstrong’s pre-scheduled stock sale.

Ripple’s SEC Case Could Have Far-Reaching Implications For The Exchanges

The ongoing SEC v. Ripple case has significant implications for the cryptocurrency industry, particularly for companies like Coinbase and Binance. According to crypto-friendly lawyer James Murphy, a ruling in favor of Ripple by Judge Torres could undermine the SEC’s case against Coinbase and Binance.

Murphy believes that if Judge Torres rules that XRP tokens traded on secondary markets are not securities, it would weaken the SEC’s argument that Coinbase is operating an unregistered securities exchange, broker-dealer, and clearing broker. The SEC claims that 13 tokens traded on Coinbase are securities, but if those tokens are ruled not to be securities, the SEC’s case would fall apart.

While a ruling by Judge Torres would not be binding precedent in other cases, Judge Rearden, who is presiding over the Coinbase case, is a new judge and works in the same court in lower Manhattan with Judge Torres. 

Murphy believes that Judge Rearden will pay close attention to Judge Torres’ legal reasoning in ruling whether $XRP is a security, and could follow that reasoning when analyzing whether the 13 tokens cited in the Coinbase complaint are securities.

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However, if Judge Torres rules that $XRP tokens are securities, the SEC could use that decision to argue that the judges presiding over the Coinbase and Binance cases should follow Judge Torres’ reasoning.

Coinbase
COIN stocks have recovered the $50 mark on the 1-day chart. Source: COIN on TradingView.com

Featured image from Unsplash, chart from TradingView.com 

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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