Coinbase CEO Brian Armstrong reportedly met with members of the U.S. Congress this wek, but little information about the meeting has been made public. According to a Bloomberg report, the meeting with congressional members focused on promoting innovative and forward-looking policies. Additionally, discussions might have revolved around the significance of new technologies concerning national security.
Some observers speculate that Coinbase may have also discussed the allegations made by the Securities and Exchange Commission (SEC) regarding the exchange’s trading of unregistered securities. However, no official details about this aspect have been disclosed.
Official news channels have not shed much light on the specifics of the meeting, and participants have maintained confidentiality about its contents. As a result, investors can only speculate about potential positive signals that might emerge for the Coinbase stock.
However, optimism among investors is not widespread. While the Coinbase stock has held up reasonably well from a technical analysis perspective, thanks in part to a positive development in the Bitcoin price, it experienced a clear setback on Friday morning, with losses of nearly five percent.
Numerous questions linger, and the details of possible discussions with politicians are just a small part of the puzzle. The ongoing legal disputes with the SEC will also likely affect the stock for some time. Many investors appear hesitant to take risks and prefer to take profits whenever the opportunity arises. The hope now is that such a cautious approach doesn’t lead to a swift collapse of the rapid recovery witnessed in recent weeks.
