Why is the SEC investigation into Coinbase causing the company to lose clients, customers, investors in its stock, and creating a huge shorting opportunity for JP Morgan and Goldman Sachs, the two lead underwriters of COIN?

I am not sure if it relates to the investigation of the SEC but my impression was of a big and well organized (and maybe well paid) marketing campaign leading to the IPO of Coinbase.

Usually there is a quiet period before IPOs but in this case articles kept hammering the estimated big valuation and market cap of Coinbase.

Shortly after the IPO of Coinbase the crypto market was down together with the shares quote of Coinbase.

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