Biden’s Exit Boosts Optimism? Citi Raises Coinbase Rating Amid Favorable Crypto Regulatory Changes – Coinbase Glb (NASDAQ:COIN)

Investment Bank City improved cryptocurrency trading platform shares, Coinbase Global Inc. COINfrom Neutral to Buy, anticipating an improving regulatory environment for cryptocurrency assets.

What happened: Analysts under the leadership of Peter Christiansen They raised their guidance on the crypto-related stock from a neutral $260 level to buy with a price target of $345, according to a Bloomberg report on Tuesday.

“The changes in the U.S. election landscape and the Supreme Court’s overturning of the long-standing Chevron precedent have changed our view of Coinbase’s regulatory risk,” Christiansen wrote.

The analyst added that the upcoming US elections are taking a positive turn towards the cryptocurrency industry after the election of the president. Joe Bidenwithdrawal from the presidential race.

“President Joe Biden’s time in office has led many to conclude that the potential for pro-crypto legislation would be better under a different administration.”

The analyst further believes that the Supreme Court’s decision to strike down the Chevron defense doctrine, which limits the powers of regulators, could benefit Coinbase in its ongoing legal dispute with the SEC.

See also: Elon Musk Agrees with DogeDesigner: Funding for Pro-Trump Super PAC Is ‘Well Below’ $45M Per Month So Far

Why is this important: Coinbase is one of the most prominent cryptocurrency stocks on Wall Street, with a market capitalization of $63.26 billion.

The company’s shares have surged nearly 70% year to date, coinciding with a broader cryptocurrency market recovery. That followed a lackluster performance during the 2022-2023 bear market that saw shares fail to reach $100.

Coinbase has been hit with an SEC enforcement action on charges of operating an unregistered securities exchange. In response, the cryptocurrency exchange also sued federal regulators, accusing them of hindering the industry’s growth.

Reduction:Coinbase shares ended Tuesday’s trading session down 2.38% to $258.83, according to data from Benzinga Pro.

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