Raymond James analyst Patrick O\'Shaughnessy reiterated an Underperform rating on Coinbase Global Inc. (NASDAQ: COIN).

"An SEC victory over Coinbase in this matter would likely have substantially negative financial implications for Coinbase. We anticipate that the legal process here could ultimately take multiple years. We do not anticipate Congress stepping in to bail out Coinbase."

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Shares of Coinbase Global Inc. closed at $51.61 yesterday.