{"id":21471,"date":"2023-06-08T21:25:49","date_gmt":"2023-06-08T21:25:49","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/coinbase-ceo-sold-company-shares-ahead-of-sec-complaint\/"},"modified":"2023-06-08T21:25:49","modified_gmt":"2023-06-08T21:25:49","slug":"coinbase-ceo-sold-company-shares-ahead-of-sec-complaint","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/coinbase-ceo-sold-company-shares-ahead-of-sec-complaint\/","title":{"rendered":"Coinbase CEO sold company shares ahead of SEC complaint"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/109445868_m_normal_none-min-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/109445868_m_normal_none-min-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/109445868_m_normal_none-min-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/109445868_m_normal_none-min-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>Brian Armstrong sold over 29,000 shares ahead of SEC lawsuit.<\/li>\n<li>Fox Business journalist says the sale was perfectly legal.<\/li>\n<li>Coinbase shares are currently down 35% versus their YTD high.<\/li>\n<\/ul>\n<p>Shares of <a href=\"https:\/\/coinjournal.net\/news\/tag\/coinbase\/\">Coinbase Global Inc<\/a> were hit hard this week after the SEC sued the crypto exchange. But the sell-off was relatively less damaging to CEO Brian Armstrong.<\/p>\n<h2>Did CEO Armstrong do anything illegal?<\/h2>\n<p><a href=\"https:\/\/twitter.com\/WhaleWire\/status\/1666799734692929536\" target=\"_blank\" rel=\"noopener\">Reportedly<\/a>, the Chief Executive sold 29,730 shares of the company in total only a day ahead of the SEC\u2019s complaint prompting many to question if it had anything to do with insider trading.<\/p>\n<p>According to Eleanor Terret \u2013 a Fox Business journalist, though, it was a perfectly legal sale as it was planned even before Coinbase was served a \u201cWells Notice\u201d. Her recent <a href=\"https:\/\/twitter.com\/EleanorTerrett\/status\/1666833553814945794?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">tweet<\/a> reads:<\/p>\n<blockquote>\n<p>According to the SEC filings database, this was part of a pre-planned stock sale initiated in August 2022 that was intended to comply with Rule 10b5-1(c).<\/p>\n<\/blockquote>\n<p>The SEC lawsuit resulted in an increase in Ethereum withdrawals at Coinbase this week (<a href=\"https:\/\/coinjournal.net\/news\/on-chain-report-where-are-funds-moving-after-sec-sues-coinbase-ether-outpacing-bitcoin-withdrawals\/\">read more<\/a>).<\/p>\n<h2>Some in crypto community are still not happy<\/h2>\n<p>Terret\u2019s explanation, though, was not sufficient to satisfy everyone in the crypto community.<\/p>\n<p>Some of them continue to see offloading shares at least as a lack of loyalty or a lack of confidence on CEO Armstrong\u2019s part. David Orr \u2013 a Twitter user, for instance, wrote on the social platform:<\/p>\n<blockquote>\n<p>It\u2019s a fairly easy process to cancel\/terminate a 10b5 plan. The optics here are terrible given his PR campaign to label himself and Coinbase as saviors of crypto.<\/p>\n<\/blockquote>\n<p>Nonetheless, it remains to be known if such comments will make Coinbase CEO adjust the schedule of his future share sales. Versus their year-to-date high, Coinbase shares are currently down about 35%.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/coinbase-ceo-sold-company-shares-ahead-of-sec\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Brian Armstrong sold over 29,000 shares ahead of SEC lawsuit. Fox Business journalist says the sale was perfectly legal. Coinbase shares are currently down 35% versus their YTD high. Shares of Coinbase Global Inc were hit hard this week after the SEC sued [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":21472,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/21471"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/30"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=21471"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/21471\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/21472"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=21471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=21471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=21471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}