Stablecoin Bill Spells ‘Huge Disaster' for Consumers, American's Allen Says [BNN Bloomberg (Canada)]
Coinbase Global, Inc. - Class A (COIN)
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Source: BNN Bloomberg
along, it's drawing cheers from the crypto industry — and criticism from the traditional finance world. The 179-page bill was introduced by Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) last week amid a renewed push to pass such legislation as soon as next month. The bill bans so-called algorithmic stablecoins, which aren't backed by full fiat reserves. It also creates a mechanism for FDIC conservatorship and resolution if an issuer becomes insolvent. Many of the measures introduced in this version and prior ones — as well as issues not discussed at all — are worrying Hilary Allen, an associate professor at American University's Washington College of Law who has written and spoken extensively about how various crypto products can undercut the stability of the financial system. “It will be a huge disaster when any of them are passed,” Allen said in an interview. Allen says that stablecoins aren't robust enough to be a viable form of payment: Blockchains underlyin
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News
- Coinbase Global, Inc. (NASDAQ: COIN) had its "market outperform" rating re-affirmed by analysts at JMP Securities. They now have a $320.00 price target on the stock.MarketBeat
- Coinbase knocked Q1 earnings out of the park—now comes the hard part [Yahoo! Finance]Yahoo! Finance
- Coinbase's Haas Says ‘Just Another Day in Crypto' After Stock Decline [BNN Bloomberg (Canada)]BNN Bloomberg
- Coinbase Falls Despite Q1 Earnings Beat: ETFs in Focus [Yahoo! Finance]Yahoo! Finance
- Bitcoin's Recent Weakness Is More Tied to Global Markets Than to Anything Crypto Specific, Coinbase Says [Yahoo! Finance]Yahoo! Finance
COIN
Earnings
- 5/2/24 - Beat
COIN
Sec Filings
- 5/3/24 - Form 144
- 5/3/24 - Form 4
- 5/2/24 - Form 4
- COIN's page on the SEC website