Piper Sandler downgraded its rating of Coinbase (COIN) from Buy to Neutral.

According to BlockBeats news on July 5th, investment bank Piper Sandler downgraded its rating of Coinbase (COIN) from buy to neutral. Analyst Patrick Moley stated that the upcoming legal battle with the US Securities and Exchange Commission and the ongoing lack of clarity in US cryptocurrency regulation have brought too much uncertainty to predict the platform's future revenue in the next few years. Moley also predicted that Coinbase's trading volume and monthly active users in the second quarter will be the lowest in over two years. As of now, Coinbase (COIN) has fallen 2.9% in pre-market trading.