A recent ruling against Ripple complicates Coinbase’s defense against the SEC, according to analysts from Berenberg. The ruling rejects a distinction made by a judge between sales to institutional investors and retail investors on crypto exchanges. Berenberg maintains its hold rating on Coinbase shares with a $39 price target, stating that the stock is “uninvestable” in the near term. Coinbase shares were down 8% in early trading, although they have seen a 155% increase this year. The crypto exchange is set to report its second-quarter earnings after market close on Thursday.

AI Sentiment: Negative