Commentary
Yesterday, the Securities and Exchange Commission (SEC) fired a bombshell at the cryptocurrency industry. It is suing Coinbase, a publicly traded company which the SEC approved after going through its business plan to publicly list for trading two years ago.  It is also suing Binance, a crypto currency exchange that is domiciled in Hong Kong, but has a U.S. subsidiary.
The Twitter account Unusual Whales reported that before the SEC pounced, someone had purchased out-of-the money puts on Coinbase for $100,000 that turned into millions of dollars when the SEC announced. Let’s hope it wasn’t a congressperson or other government insider….