The program would allow customers to lend USD Coin to Coinbase and earn interest. SEC threatened to sue Coinbase over its unreleased Lend ... SEC threatened to sue Coinbase, reveals CEO - TCR The Coinbase Lend program Coinbase planned to launch a new Coinbase Lend program where cryptocurrency owners would be able to earn interest on select digital assets. To get started, visit www.coinbase.com/lend. Coinbase's Lend program doesn't qualify as a security — or to use more specific legal terms, it's not an investment contract or a note. Coinbase Drops Lend Product Plans After SEC Lawsuit Threat Coinbase Abandons Plan to Launch Lend Program After SEC ... At first blush it does not appear that the program, which allows customers to lend their currency is a security, but we have not seen the SEC's files, so . In September, the exchange's CEO Brian Armstrong announced the U.S. Securities and Exchange Commission (SEC) had. Coinbase co-founder and Chief Executive Brian Armstrong accused the SEC of using "intimidation tactics behind closed doors" to stop his company from launching a lending program. In a blog post published today (September 8), Coinbase Chief Legal Officer Paul Grewal said that the SEC has issued the exchange with a . Pay just 8% APR 2 with no credit check. Now you can borrow up to $1,000,000 1 from Coinbase using your Bitcoin as collateral. Coinbase unveiled the Lend program in June where users could "earn interest on USD coin (USDC) with rates more than 50x the national average of a traditional savings account," the company explained at the time. September 10, 2021 7:44 pm Views: 2. U.S.-based cryptocurrency exchange Coinbase says the Securities and Exchange Commission (SEC) has threatened to sue over its yet-to-be-launched "Lend" program. The US Securities and Exchange Commission (SEC) has threatened to sue Coinbase if the crypto exchange goes ahead with plans to launch a program allowing users to earn interest by lending crypto . According to the announcement, the crypto company had already received a Wells Notice from the SEC — the regulator's official way of saying it . 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 has revealed that the US Securities and Exchange Commission (SEC) has threatened to sue if the crypto exchange giant launches its Lend yield-earning program, which the regulators consider a security. At first blush it does not appear that the program, which allows customers to lend their currency is a security, but we have not seen the SEC's files, so . When you come off of the waitlist, you will automatically start to earn 4% APY⁶ on the USDC in your account. The exchange planned to later roll out Lend to additional cryptocurrencies. Coinbase co-founder and Chief Executive Brian Armstrong accused the SEC of using "intimidation tactics behind closed doors" to stop his company from launching a lending program. Now the company has ditched its Lend program entirely. This field is for validation purposes and should be left unchanged. The decision to shelve its Lend . A source said the SEC's action does not apply to staking. Coinbase claims that the United States Securities and Exchange Commission (SEC) has plans to sue it over its Lend program. Pre-enrollment is now open for eligible customers in the US. At the end of June 2021, Coinbase signaled plans to introduce a Lend program, proposing to "allow eligible customers to earn interest on select assets on Coinbase, starting with 4% APY on USD Coin (USDC). C ryptocurrency exchange platform Coinbase has tossed out plans to start a lending product after pressure from the Securities and Exchange Commission.. Coinbase didn't broadcast its surrender to the SEC but announced in an update tacked on to a days-old press release that the product, dubbed Coinbase Lend, would be canceled. Coinbase, the cryptocurrency platform, has received a Wells Notice from the SEC regarding its lending program. Coinbase Lend turned heads when it was unveiled by the fast . Coinbase unveiled the Lend program in June where users could "earn interest on USD coin (USDC) with rates more than 50x the national average of a traditional savings account," the company explained at the time. The SEC is targeting Coinbase's Lend program, which allows the exchange's users to earn interest on various crypto assets on the platform, starting with a 4% annual percentage yield on USD . Coinbase Threatened by SEC. In an article published on Coinbase's blog, Coinbase's chief legal officer Paul Grewal states that "the SEC has told us it wants to sue us over Lend. The decision comes after an outpour of support for Coinbase in light of the SEC remarks. The United States Securities Exchange Commission (SEC), served Coinbase with what is known as a "Wells Notice," for its "Lend" program. Coinbase's program, called Lend, would have allowed users who deposit the stablecoins to earn a 4 percent annual yield for lending them to others. The average APY in the US where Coinbase operates is 0.06 in the savings account of a bank or credit union. A person puts money into the Coinbase Lend program expecting to earn a return in the form of interest. A Wells notice is the official way a regulator . It is a fairly popular online platform that allows traders, merchants, and consumers to make transactions with cryptocurrency or digital currency. Borrow cash using Bitcoin as collateral. Coinbase Lend, which was set for launch in a matter of weeks, seeks to provide the exchange's users with an option to earn yield in their bitcoin and cryptocurrency holdings. We don't know why," the exchange said. It's all support to start with. The SEC Will Sue Coinbase if it Launches Lend. This post has been updated for clarity. Luke Conway Coinbase has updated its Lend announcement blog from June and said that the company will no longer offer the program that would. Coinbase, the US-based crypto exchange and Nasdaq-listed company, disclosed on 7 September 2021 that it has discontinued its Lend program after receiving a Wells Notice from the SEC. The New York-listed cryptocurrency platform — the largest US exchange for bitcoin and other . This is a far lower rate than other centralized exchanges like BlockFi and Celsius, which offer over 8% APR on stablecoins. "Coinbase's Lend program doesn't qualify as a security — or to use more specific legal terms, it's not an investment contract or a note. The leading crypto exchange is suspending its Coinbase Lend program before the high-yielding investing option had a chance to launch. SEC threatens Coinbase with lawsuit over lending program. A Wells Notice is a formal document or declaration from the SEC that its staff intends to recommend that a civil enforcement action must be taken against an individual and/or firm. Coinbase Global Inc. is bowing to pressure from U.S. regulators and tabling plans to launch a product that would pay users interest for lending out their tokens. September 10, 2021 7:44 pm Views: 2. "The SEC has told us it wants to sue us over Lend. Coinbase, the cryptocurrency platform, has received a Wells Notice from the SEC regarding its lending program. As a result of all of this, they won't be able to launch Lend until at least October. The program advertised that users could earn 4% APY and the "principal is guaranteed." However, Coinbase revealed in early September that the SEC sent the company a Wells Notice regarding its Lend program. However, their normal (Level 1) counterparts had much worse rates. The regulator has asked the exchange to discontinue its plans of launching the crypto lending service, without giving a detailed reason for the judgment. The leading crypto exchange is suspending its Coinbase Lend program before the high-yielding investing option had a chance to launch. Coinbase has cancelled their 4% lend program in response to the . Coinbase is no longer launching its crypto lending product, the company said Friday. SEC threatened to sue Coinbase, reveals CEO. Coinbase said that the SEC threatened legal action if the exchange goes ahead with plans to launch a lending program. 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