| Crypto became a surprising "safe haven" during the banking sector collapse of March, but the U.S. Securities and Exchange Commission (SEC) is making quick work to keep the traditional world of finance in charge. As of this morning, the SEC has sued Coinbase (COIN) – one of the leading cryptocurrency exchanges in the world – alleging that the company was acting as an unregistered broker and exchange. 
The move is ironic and hypocritical, to say the least. This is a publicly-traded company we're talking about. Its financial statements are audited by a Big Four accounting firm. Heck, the SEC approved Coinbase's IPO based on the same business model just two years ago. And Coinbase CEO Brian Armstrong made sure he reiterated that argument in his response to the SEC this morning. 
Remember: The SEC issued a notice to Coinbase back in March letting the company know some sort of action was coming. We didn't know what the notice said. But we knew the SEC was breathing down Coinbase's neck. And Armstrong has been preparing for one heck of a legal battle. But the fact remains that this news has investors running scared: COIN shares have dropped as much as 20% since market close yesterday. Those of you who've been following Derby City Daily closely know we've been bullish on Coinbase for a while. Here's where this leaves us now... Click here to continue reading | 
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