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We have some questions for Jim Cramer and his apparent change of heart on Coinbase

The Securities and Exchange Commission announced a new probe into Coinbase Global Inc. over whether or not digital assets traded on its platform should have been registered as securities:

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From Bloomberg:

Coinbase Global Inc. is facing a US probe into whether it improperly let Americans trade digital assets that should have been registered as securities, according to three people familiar with the matter. The company’s shares dropped as much as 9.2%.

The US Securities and Exchange Commission’s scrutiny of Coinbase has increased since the platform expanded the number of tokens in which it offers trading, said two of the people, who asked not to be named because the inquiry hasn’t been disclosed publicly. The probe by the SEC’s enforcement unit predates the agency’s investigation into an alleged insider trading scheme that led the regulator last week to sue a former Coinbase manager and two other people.

Coinbase’s response:

“We are confident that our rigorous diligence process—a process the SEC has already reviewed—keeps securities off our platform, and we look forward to engaging with the SEC on the matter.”

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This new probe comes just days after the SEC announced insider trading charges against a former Coinbase product manager:

Now, this brings us to CNBC’s Jim Cramer who tweeted, “I have been waiting for this SEC investigation of Coinbase to happen for ages. Now here we go. You can’t just do what you want with securities in this country”:

Oh, really?

From a year ago, here is calling Coinbase a “long term buy” and that “we think it will go much higher”:

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“We like Coinbase to $475”:

It’s kind of weird to build a position in a stock that you think the SEC will investigate, no?

Over to you, Jim. Please explain:

As of the publication of this post, Coinbase was trading at $56.91, down about 15% on the day.

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