Coin) Stocks soared nearly 24% as it became the first crypto exchange for the S&P 500

Coinbase (Coin) shares soared nearly 24% on Tuesday as Wall Street cheered on the first and only crypto exchange in the S&P 500, a major milestone for the company and a breakthrough for the industry at the crossroads of regulators.

The move brought Coinbase's share price to its highest point since early February, and the SEC withdrew its allegations against Coinbase only months after a fierce lawsuit with the SEC.

“Coinbase’s inclusion in the S&P 500 was a pivotal moment, marking a full-scale shift in the company after it was threatened by the SEC lawsuit (later revoked by the SEC). This inclusion makes Coinbase the first and only crypto exchange in the S&P 500, reflecting the company’s stability and adaptability in the industry,” wrote an article Tuesday morning.

Coinbase’s chief financial officer Alesia Haas wrote on Monday afternoon that the S&P 500’s recognition is “a milestone for Coinbase and the broader crypto industry.” “Add to this prestigious index reflects the direction of Coinbase and the industry and shows the world’s trend.”

Coinbase shares rose more than 18% on Monday. The rise comes after broader risk sentiment affects the market, with the S&P 500 gaining more than 1% as traders react to inflation data from China.

So far, Coinbase stock has risen more than 90% in 2024, driven in large part by a widespread rebound in risk assets and the Biden administration’s move to appoint cryptocurrency advocate Paul Atkins to replace Gary Gensler as SEC chairman on January 20.

Atkins’ appointment began in December 2022 after months of legal battles between the SEC and Coinbase, when U.S. regulators accused Coinbase of operating as an unregistered national stock exchange, broker and clearing agency.

The SEC also sued the world's largest cryptocurrency exchange in March 2024, accusing it of deceiving investors.

Coinbase announced in April that the SEC had agreed to revoke the law enforcement case against the company. The move comes after the institution was sued by cryptocurrency exchange executives who believe the SEC has surpassed its powers in an attempt to claim executives committed securities fraud.

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