Cathie Wood's Ark Invest, an American investment management firm lead by CEO Cathie Wood, yesterday made a purchase in Coinbase Global Inc., while the United States-based crypto exchange announced that it was suing the Securities and Exchange Commission (SEC). A signal of unity? $8.6 million worth of 122,083 shares were purchased in Coinbase by the ARK Innovation ETF, while the ARK Next Generation Internet ETF added 20,327 and the ARK Fintech Innovation ETF bought 14,633; at current prices.

Coinbase's lawsuit against the SEC comes shortly following the petition for a rulemaking that the company urged the US government last summer. The petition aimed for the commission to provide a clear yes or no to a digital asset-specific rule. However, according to a blog post by the company's chief legal officer Paul Grewal, the SEC seems to already have made up its mind but yet to tell the public. Therefore, the court filing requests the SEC to provide a decision. In the event the commission declines, Coinbase has the ability to file another lawsuit to compel the SEC to create a new rule.

It is interesting to note the almost immediate advocacy for the crypto community by Coinbase CEO Brian Armstrong after the filing by releasing an NFT (non-fungible token) project to signal unity. In the mean time, Coinbase's share price is down more than 18% over the past week. This, perhaps, is a signal of the volatility of cryptocurrency trading, yet also additionally highlights the promising investment potential that contemporary investors and traditional financers, like Cathie Wood and Ark Invest, are undergoing.



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