Ark Invest CEO Cathie Wood told Bloomberg that Coinbase could benefit from the Securities and Exchange Commission’s (SEC) scrutiny of Binance.
The SEC sued both Coinbase and Binance earlier this week for allegedly offering unregistered securities, among other charges, in separate cases. Wood said:
“We have Binance under increasing regulatory scrutiny for more criminal activities, fraud being one of them, therefore we have the competition for Coinbase disappearing, so that’s a good thing longer term for Coinbase.”
On June 7, the day the SEC sued Coinbase, Ark Invest bought over 400,000 Coinbase stocks. The COIN price slumped nearly 20% after the SEC announced its lawsuit. Ark Invest is the fourth-largest shareholder of the exchange.
Wood emphasized that, unlike Binance, the SEC lawsuit against Coinbase does not involve accusations of criminal activity. She added:
“There are questions about what’s a security, about staking, those are the two questions that Coinbase and Binanc
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