Coinbase dumps plans for crypto lending product following SEC notice By BTC Peers

0 6
Coinbase dumps plans for crypto lending product following SEC notice Following an earlier warning from the SEC, Coinbase (NASDAQ:) has decided to shut down its crypto lending product. In a recent blog update, the leading crypto exchange announced that its USDC APY program would no longer be launched. Coinbase blamed its decision on a lack of clarity from regulators. Since Coinbase announced the product in June, thousands of customers have signed up. The program was supposed to yield 4% annually on USD Coin (USDC) deposits. The program suspension comes less than two weeks after the US SEC threatened Coinbase with legal action if the exchange launched the Lend program. Chief legal officer at the exchange, Paul Grewal, later opined that the lending product was not an “investment contract or a note.” He also questioned the SEC’s decision saying it lacked clarification. Initially, the crypto trading platform said it would be pushing the launch of Lend to at least October
Subscribe or log in to read the rest of this content.
Leave A Reply

Your email address will not be published.

At The Centre of Every Trade
$59.95/month