Biden's Exit Spurs Bullish Outlook? Citi Upgrades Coinbase Amid Favorable Crypto Regulatory Shifts
Biden's Exit Spurs Bullish Outlook? Citi Upgrades Coinbase Amid Favorable Crypto Regulatory Shifts
Investment bank Citi upgraded shares of cryptocurrency trading platform, Coinbase Global Inc. (NASDAQ:COIN), from neutral to buy, anticipating an improved regulatory landscape for cryptocurrency assets.
投资银行花旗升级了数字货币交易平台Coinbase Global Inc. (纳斯达克：COIN) 的股票评级，从中立调升至买入，预计数字货币资产的监管环境将有所改善。
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.
据彭博社周二报道，由Peter Christiansen领导的分析师小组，将对与数字货币相关联的股票的评估从股价在260美元的中立针对性调升至345美元的买入。
"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.
Christiansen写道：“美国选举形势的变化和最高法院推翻长期实行的Chevron先例，改变了我们对Coinbase监管风险的看法。”
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.
分析师补充说，在总统乔·拜登退出总统竞选之后，即将到来的美国选举对加密货币行业发生了积极的转变。
"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."
“拜登总统任期内许多人得出结论，在不同管理下，支持加密货币的立法可能会更好地实现。”
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.
此外，分析师认为，最高法院撤销“Chevron Defense Doctrine”（限制监管者权力的行为规范），有利于Coinbase在其与美国证券交易委员会（SEC）的持续法律纠纷中获益。
See Also: Elon Musk Agrees with DogeDesigner: Funding For Trump-Supporting Super PAC Is 'Far Below' $45M A Month So Far
参见：Elon Musk 像狗狗设计师一样赞同：支持特朗普的超级PAC的资金远低于每月4500万美元迄今为止
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.
为华尔街上最知名的数字货币相关股票之一，Coinbase的市值为632.6亿。
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.
截至目前，该公司的股票已经上涨近70％，与加密货币市场的整体回升相吻合。在2022-23年熊市期间，该股票未能达到100美元，表现不佳。
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.
Coinbase因被指控运营未注册证券交易所而被美国证券交易委员会（SEC）采取执法行动，作为回应，即将对证券交易委员会提起诉讼，指责其妨碍行业的发展。
Price Action: Shares of Coinbase closed 2.38% lower at $258.83 during Tuesday's regular trading session, according to data from Benzinga Pro.
股票日内收跌2.38％，报258.83美元，根据Benzinga Pro的数据。
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