From CNBC:

The Securities and Exchange Commission is filing a lawsuit against cryptocurrency exchange Coinbase for allegedly violating securities laws by not registering. Despite this, shares of Coinbase and Robinhood surged as traders anticipate the approval of bitcoin exchange-traded funds in the U.S, giving the exchanges a boost in demand. The SEC’s approval of rule changes for launching bitcoin ETFs has been long awaited by investors in the crypto space for its potential to lend credibility to the volatile industry.

Coinbase CEO Brian Armstrong views the SEC’s approval of rule changes for bitcoin ETFs as a monumental step for the crypto industry, providing acknowledgment from the government that this asset class is here to stay. While there is concern that a spot bitcoin ETF could pressure Coinbase down the road, investors anticipate heightened interest in the crypto industry as a whole. Coinbase had a stellar year, rallying 391.4% in 2023, and Robinhood surged over 56% last year.



Read more: Coinbase, Robinhood shares rise as bitcoin ETF approval adds credibility to cryptocurrency industry