SEC threatens Coinbase with lawsuit over crypto loans

Bitcoin Talk and Cryptocurrencies Cryptocurrency In the News
1

Coinbase was planning its own entry into the field with Coinbase Lend, wherein customers could lend tokens to third parties via Coinbase and receive interest payments.

Coinbase and the SEC held talks about this new service, at which time the SEC told Coinbase it though the service would involve a “security”, which would make it illegal to offer to US clients. The SEC didn’t provide any specific details to that assertion, so Coinbase went ahead with a public announcement about the upcoming release of the service. The SEC countered with opening an investigation into the company and the new service.

Not a good look for the SEC.

2

They delayed the launch of the new of the product until at least October. Frankly, I wonder if they will launch it at all.

3

The SEC sounds more and more anti crypto by the minute, but the writing is on the wall. Crypto is here to stay. So that means more and more regulation, hopefully for the better. But that relies on the SEC having an open mind and not dropping the hammer.

5

Yeah if the SEC want Coinbase not to press ahead then provide specifics as to why not. The SEC just sound like they’re getting left behind at the moment.