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Biden's Exit Spurs Bullish Outlook? Citi Upgrades Coinbase Amid Favorable Crypto Regulatory Shifts – Coinbase Glb (NASDAQ:COIN)

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1 year ago

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Biden's Exit Spurs Bullish Outlook? Citi Upgrades Coinbase Amid Favorable Crypto Regulatory Shifts – Coinbase Glb (NASDAQ:COIN)

Investment bank Citi upgraded shares of cryptocurrency trading platform, Coinbase Global Inc. COIN, from neutral to buy, anticipating an improved regulatory landscape for cryptocurrency assets.

What Happened: Analysts led by Peter Christiansen raised their guidance on the cryptocurrency-linked stock from neutral at $260 to a buy with a target of $345, according to a Bloomberg report Tuesday.

“Shifts in the U.S. Election landscape and the Supreme Court’s overturning of the long-standing Chevron precedent has changed our view on Coinbase’s regulatory risks,” Christiansen wrote.

The analyst added that the upcoming U.S. elections are taking a positive pivot toward the cryptocurrency industry in the wake of President Joe Biden‘s withdrawal from the presidential race. 

“President Joe Biden’s time in office had led many to conclude that the potential for pro-cryptocurrency legislation would fare better under a different administration.”

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Furthermore, the analyst believes that the Supreme Court’s decision to remove the Chevron Defence Doctrine, which limits regulators’ power, could benefit Coinbase in its ongoing legal tussle with the SEC.

See Also: Elon Musk Agrees with DogeDesigner: Funding For Trump-Supporting Super PAC Is ‘Far Below’ $45M A Month So Far

Why It Matters: Coinbase is one of the most high-profile cryptocurrency-associated stocks on Wall Street, with a market capitalization of $63.26 billion.

Shares of the company have jumped nearly 70% year-to-date, coinciding with the broader recovery in the cryptocurrency market. This follows a lackluster performance during the 2022-23 bear market when the stock failed to reach $100.

Coinbase was hit by an enforcement action by the SEC on charges of operating an unregistered securities exchange. In response, the cryptocurrency exchange has also sued federal regulators, accusing them of hindering the industry’s growth.

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Price Action: Shares of Coinbase closed 2.38% lower at $258.83 during Tuesday’s regular trading session, according to data from Benzinga Pro. 

Photo by rafapress on Shutterstock

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Market News and Data brought to you by Benzinga APIs

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Crypto

SEC Sets Bullish Tone on On-Chain Markets as Blockchain Settlement Becomes Strategic Priority

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7 hours ago

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December 14, 2025

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SEC Sets Bullish Tone on On-Chain Markets as Blockchain Settlement Becomes Strategic Priority
The SEC is signaling a decisive push to move U.S. financial markets onto blockchain infrastructure, framing on-chain settlement as a priority upgrade that could reshape post-trade systems and regulatory strategy under Chair Paul Atkins.
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Crypto

Westlake police say cryptocurrency scam cost woman over $5,000

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19 hours ago

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December 13, 2025

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Westlake police say cryptocurrency scam cost woman over ,000

WESTLAKE, Ohio – A convenience store clerk at 1:30 p.m. on Nov. 26 alerted a police dispatcher that a female customer was feeding large amounts of cash into a cryptocurrency ATM at the store on Center Ridge Road at Dover Center Road.

The clerk said the customer would not believe the clerk’s warning that she was being scammed.

Officers arrived to find the 71-year-old still “anxiously depositing” cash into the machine. Officers told her to stop, but she did not believe the uniformed men. The officers talked to her for several minutes before she finally believed that there was an issue. She was still on the phone with the scammer at the time.

The incident started that morning when the victim received a pop-up message on her home computer instructing her to call a provided support phone number due to a supposed issue with the computer’s operating system. She called the number and was connected to a man who claimed he was a representative from Apple, according to a police department press release.

The man talked her into allowing him remote access to her computer while he asked for her bank information. The scammer talked the victim into believing that there was a problem with her accounts, and she was at risk of losing $18,000 in connection with pornographic websites out of China or Mexico.

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She was connected to a fake fraud department for her bank, and another scammer persuaded her to go to a bank and withdraw as much cash as they would allow. The scammer even told her to give the teller a story about needing cash to buy a car. The perpetrator kept the woman on the phone as she took out cash and traveled to the crypto ATM. The victim had deposited approximately $5,500 before officers persuaded her to stop. The Westlake Detective Bureau is attempting to recover the lost funds.

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Read more from the West Shore Sun.

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Youtube Expands Creator Monetization Using Paypal USD Stablecoin

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1 day ago

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December 13, 2025

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Youtube Expands Creator Monetization Using Paypal USD Stablecoin
Youtube has reportedly begun letting U.S. creators receive payouts in Paypal’s dollar-pegged stablecoin, Paypal USD (PYUSD), signaling a shift toward regulated digital currencies as mainstream payment tools and deepening stablecoins’ role in creator monetization.
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