Coinbase Lend Faces Backlash With The SEC
The bitcoin exchange isn't receiving the regulatory approval it expected for its Lend product, citing a lack of clarity from the SEC.Bitcoin exchange Coinbase's new Lend program is facing strong opposition from the U.S. Securities and Exchange Commission (SEC), which called the product a securities offering. Coinbase Chief Legal Officer Paul Grewal published a blog post today saying that the SEC will sue the company if it launches Lend, claiming the regulatory agency lacks clarity. The situation was also explained by Coinbase CEO Brian Armstrong in a lengthy Twitter thread, highlighting....
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The Nasdaq-listed cryptocurrency exchange Coinbase has dropped its plan to launch a lending program after the U.S. Securities and Exchange Commission (SEC) threatened to sue the company.
Coinbase Will Not Launch Lending Program
Coinbase announced Friday that it has decided not to launch the Lend program. The exchange wrote:
Our goal is to create great products for our customers and to advance our mission to increase economic freedom in the world. As we continue our work to seek regulatory clarity for the crypto industry as a whole, we’ve made the difficult decision....
The regulatory battle with DeFi is heating up. The SEC now seemingly has it’s eyes set on arguably the largest cryptocurrency exchange in the United States. The news comes after five U.S. states sent individual notices to DeFi platform BlockFi in recent weeks. This week, reports have surfaced that Coinbase is facing regulatory scrutiny over it’s upcoming, yield-generating Coinbase Lend product. Coinbase CEO Brian Armstrong had quite a bit to say about it, describing the SEC behavior as “sketchy”. Coinbase Expresses Frustration Coinbase issued a strongly-worded blog....
The exchange hinted at difficulties in regulatory clarity across the crypto industry in its decision to not bring its Lend product to the market. U.S.-based cryptocurrency exchange Coinbase has announced it will not be pursuing its Lend crypto lending program.In a Sept. 17 update to a blog announcing the program in June, Coinbase hinted at difficulties in regulatory clarity across the crypto industry in its decision to not bring the crypto lending product to the market. According to the exchange, “hundreds of thousands of customers from across the country” had already signed up for Lend, a....
Two competing Bitcoin forums on popular social media website strike a startlingly different tone when it comes to one of the most popular and influential corporations in the Bitcoin industry: Coinbase. Bitcoiners like to express disdain for leading Bitcoin wallet service and exchange Coinbase on r/Bitcoin, the Bitcoin forum moderated by the controversial administrator Theymos, who faces criticism for censorship. R/btc, which sprouted as an alternative to r/bitcoin, strikes a more positive tone when it comes to the San Francisco startup. On Reddit, where Bitcoiners love to engage in lively....
Coinbase CEO Brian Armstrong responded to the backlash against his company when it was revealed that it filed nine Bitcoin patent applications with the US Patent and Trademark Office (USPTO). The USPTO was said to have received the submissions on March 17 of this year. Immediately after this news went public it created quite the stir in the community mostly upset with the Coinbase decision. Many took to social media to voice their opinion including Bitcoin Core developer Jeff Garzik who said: Coinbase CEO Brian Armstrong responded by telling him that they needed to research how they felt....