Crypto-related stocks sold off at the open, with Coinbase and Silvergate leading the drop.

Coinbase shares fell over 8% to $63 by 11:15 a.m. EST, according to Nasdaq data. Last night Coinbase CEO Brian Armstrong said it would be a "terrible path" for the U.S. if it were to restrict crypto staking.

Shares are trading down primarily as a result of Armstrong's comments, John Todaro of Needham told The Block. "While staking is still a small portion of COIN's overall revenue today, it is an important piece to diversify revenue away from trading and is seen as a potentially high-growth vertical."