Coinbase Global ( NASDAQ: COIN ) shares plunged 20% at market open on Thursday, marking its biggest drop since July 26, 2022. Shares have extending losses since yesterday after the crypto exchange received a notice from the SEC declaring the securities regulator's enforcement action against the company for alleged violation of securities laws. A Jefferies note called the SEC's Wells notice "an ominous sign" and estimated that an SEC enforcement action against the company can put ~35% of Coinbase's ( COIN ) net revenue at risk. Earlier, the stock received downgrade from Oppenheimer , with analyst Owen Lau raising concerns about blockchain development in the U.S. after the collapse of three banks — Silvergate ( SI ), Silicon Valley Bank, and Signature Bank. COIN shares have lost 64% in value over the past year
