Tuesday, Ark investmentCathie Woods’ investment company sold shares for $75 million. This comes after the SEC claimed that base of coins it allowed Americans to trade tokens that should actually be registered as securities.
base of coins under investigation by the US SEC.
A few days ago, the The SEC has launched an investigation against base of coins. This is to determine whether the tokens that the exchange allowed Americans to trade need to be registered as securities. In fact, more than 150 tokens are available to Americans on base of coins. However, if the SEC considers them securities, the company may be required to register as a stock exchange with the authority.
Pablo Grevallegal director of base of coinshe said on Twitter: “We are confident that our rigorous due diligence process, a process that the SEC has previously reviewed, keeps securities off our platform, and we look forward to collaborating with the SEC on this matter.”
In response, base of coins asked the SEC to clarify the regulations surrounding the trading of digital assets. She asks the organization to provide rules to identify digital assets that it considers valuable.
See Also: FTC Files Lawsuit Against Meta for Violating Antitrust Laws.
Ark investment sell shares base of coins
Following the announcement, the company lost about a fifth of its value, when the SEC investigation was announced. Until the end of June, Ark it had been the third largest shareholder in the stock market, with around 8.95 million shares.
Nevertheless, Ark investment management has sold more than 1.41 million sharesor about $75 million, according to daily trade data fromArk. During this time, his money flagship Ark Innovation ETFsold 1.13 million shares.
Either Ark has largely bought shares of the stock since its debut in 2021, the sale marks the first time it has sold this year. Since December, Ark investment Management has lost almost half of its assets under management. In addition, its flagship product, theYF Ark Innovation has plummeted almost 50% since the beginning of the year.
Consequently, Wood was forced to close one of her exchange-traded funds for the first time. Monetary tightening around the world appears to have limited the growth in stock valuations as some fear it could tip the economy into recession.
Bonus: French advertising regulations banned crypto advertising during the French Grand Prix.
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