Chip Stock Rockets 568% in NYSE Debut 🚀

Good Afternoon! 

Hey, everyone. It's Adam from Elite Trade Club. 

Here’s what moved the market today.

Markets 📈

The market snapped a three-day losing streak on Wednesday, led by a big rally in the DJIA and small-cap Russell 2K.

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Market-Moving News 🔎 

🏛️ Coinbase Faces SEC Lawsuit as Motion to Dismiss Fails

A pivotal ruling by U.S. District Judge Katherine Polk Failla has put Coinbase [COIN -3.7%] in the spotlight, denying the cryptocurrency exchange's attempt to dismiss an SEC lawsuit.

The Securities and Exchange Commission's case, asserting that Coinbase violated investor-protection laws by operating without proper registration, will now proceed.

Mixed Outcomes for Coinbase ⚖️
While the judge dismissed allegations of Coinbase acting as an unregistered broker via its crypto wallet, the exchange still faces accusations related to its staking program and unregistered securities activities. This nuanced decision underscores the ongoing regulatory scrutiny over crypto platforms.

SEC Gains Ground 📈
The ruling marks a significant win for the SEC, allowing it to advance its case into the discovery phase. With Coinbase shares dipping over 2% following the announcement, the financial implications are immediate.

The SEC voiced satisfaction, emphasizing the enduring applicability of traditional securities identification frameworks to the crypto sector.

Coinbase's Response 🗣️
Coinbase's Chief Legal Officer, Paul Grewal, expressed readiness to engage with the legal process, aiming to shed light on the SEC's stance on crypto regulations.

As the case unfolds, Coinbase remains at the center of a pivotal legal and regulatory dialogue shaping the future of cryptocurrency exchanges in the U.S.

GCT Semic [GCTS] $44.00 (+568.6%)
rallied in its first day of trading since becoming a public company, after closing of a SPAC deal with Concord Acquisition III earlier this week.

iBio [IBIO] $3.36 (+192.1%)
entered into a collaboration agreement with AstralBio to develop antibodies to treat obesity & other cardiometabolic conditions.

Cazoo Grp [CZOO] $12.56 (+100.9%)
rallied for the second day in a row despite no obvious news.

Direct Digital [DRCT] $16.04 (39.4%)
fell after reporting disappointing Q4 & full-year 2023 results in Tuesday’s aftermarket.

Ryvyl [RVYL] $2.78 (32.2%)
reported a wider-than-expected Q4 loss of $(1.17) per share, despite beating the Street’s revenue target/

LuxUrban Hotels [LUXH] $1.50 (29.9%)
provided preliminary unaudited Q4 and full-year 2023 financial results in Thursday’s aftermarket that disappointed the market.

That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback from our members!

Thanks for reading. I'll see you at the next open! 

Best Regards,
— Adam G.
Elite Trade Club

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