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WATCH RELATED VIDEO: Jim Cramer on Coinbase vs. SEC: Shameful to pressure SEC

Coinbase Drops Crypto Lending Program Plans After SEC Balks (2)

Coinbase, the largest cryptocurrency trading platform in the US, just bought 3 traditional securities dealers to use their licenses and become a fully regulated SEC-licensed brokerage. Coinbase and big crypto competitors like Circle are racing to get regulated — both to appease recently unleashed watchdogs and also to attract institutional investors that have deep pockets, but strict rules.

The acquisition puts Coinbase under the strict supervision of the SEC, which recently appointed a dedicated crypto-tamer named Valerie Szczepanik. Previously, Coinbase was regulated only by a hodgepodge of local authorities — meaning it could essentially do whatever it wanted. Since the SEC labeled these new coins securities, the only way for Big Crypto to get a slice of this growing pie — without arousing federal fury — is to play by the rules.

Currently, Coinbase — which has 20m customers in 33 countries — only lists 4 coins Bitcoin, Bitcoin Cash, Ether, and Litecoin for exchange on its platform.

Plus, in addition to allowing crypto companies to list more coins, SEC-recognized licenses will also enable them to offer more services — and expand into the multibillion-dollar world of institutional finance. Coinbase is doing it by acquiring existing brokerage licenses — while competitor Circle announced earlier this week it would apply for them directly.

Generic filters Hidden label. Hidden label. Coinbase puts on Big-Coin pants for the SEC as crypto platforms race toward regulation Coinbase was the latest crypto company to seek out brokerage licenses in order to avoid heat from the SEC and tap into institutional finance. Conor Grant. With great regulation comes great profitability The acquisition puts Coinbase under the strict supervision of the SEC, which recently appointed a dedicated crypto-tamer named Valerie Szczepanik.

The answer is in the ICO. Now Coinbase has a license to Coin Currently, Coinbase — which has 20m customers in 33 countries — only lists 4 coins Bitcoin, Bitcoin Cash, Ether, and Litecoin for exchange on its platform.

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Coinbase Drops Lend Product Plans After SEC Lawsuit Threat

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Coinbase, the $ billion cryptocurrency exchange, has approached the United States Securities and Exchange Commission (SEC) about.

Coinbase ditches Lend programme after SEC warning

Coinbase CEO Brian Armstrong hit back at the SEC over its move to block a new feature that would let users earn interest by lending their crypto assets. Armstrong kicked off the online condemnation of the agency with a Twitter thread late Tuesday evening: "Some sketchy behavior coming out of the SEC recently. The dispute highlighted brewing tensions between the crypto industry, led by Coinbase, and the SEC, led by Chairman Gary Gensler, who has taken an increasingly critical view of the industry. It also resurfaced the debate over whether cryptocurrencies should be classified as currencies or securities. In a blog post , Paul Grewal, Coinbase's chief legal officer, said the company shared details of the plan with the SEC but the agency has not offered a clear explanation why it views Lend as a security. The SEC told us they consider Lend to involve a security, but wouldn't say why or how they'd reached that conclusion. Armstrong sounded even more combative in the Twitter thread, saying, "They responded by telling us this lend feature is a security.

SEC HAS told Coinbase why crypto lending is a security

coinbase sec

High-interest rate of crypto products has made SEC threaten to sue Coinbase. This unexpected SECs move poses a setback for the crypto exchange and may affect other companies with high-yield crypto products. He explained how the crypto company had been discussing with SEC on the Lend product for about six months now. The crypto exchange made a public announcement in June stating its intention to launch the new project Lend. In addition, the product promised to guarantee them peace of mind to substitute the FDIC insurance coming with traditional interest-bearing accounts.

Last week, Coinbase Global Inc. After its receipt of the Wells notice, the crypto company took to the Internet to criticize the SEC, who apparently issued the warning after a months-long effort by Coinbase to engage productively with the Commission, according to the company.

Coinbase Says SEC has threatened to sue it over plan to pay interest

A war of tweets has broken out over the US Securities and Exchange Commission SEC decision to sue the leading cryptocurrency exchange Coinbase if it goes ahead and launches its new Lend product. According to reports, the SEC has already said it will subpoena the cryptocurrency trading platform to force it to provide more information regarding the new digital lending asset. Coinbase, which was the first leading US cryptocurrency exchange to list publicly earlier this year, released a statement on its blog confirming the SEC warning. However, the processes for paying the interest are complicated and investors have no protection if they face losses. Currently, Coinbase offers alternative yield-generating services via proof-of-stake protocols including Ethereum 2. Coinbase also opened a waiting list for interested users.

Coinbase Braces for SEC Action as Regulatory Crackdown on DeFi Intensifies

Gary Gensler could hardly have made himself clearer: He and his colleagues at the Securities and Exchange Commission could not be less interested in what cryptocurrency exchange Coinbase thinks about how cryptos should work, be regulated, etc. To his credit, Coinbase Brian Armstrong— not usually interested in listening to what others have to say —has on this occasion heard him loud and clear. The largest U. It says digital assets should have one designated regulator, as opposed to facing the threat of regulation from multiple agencies such as the SEC or Commodity Futures Trading Commission…. A private, industry-funded entity—overseen by the stand-alone federal regulator—would monitor exchanges and dealers for signs of manipulation or fraud, the Coinbase document says. Indeed, why should cryptocurrencies have to operate under the same rules and oversight as everyone else? And just look how well self-regulatory organizations work elsewhere in finance! Speaking at a congressional hearing last week, Mr.

COIN stock slid as the SEC may sue if the cryptocurrency exchange launches a lending plan. Coinbase's CEO called the SEC "sketchy.".

US SEC threatens to sue Coinbase crypto exchange over cryptocurrency lending programme

The cryptocurrency exchange had garnered the ire of the regulatory commission over its plans to launch a crypto lending product, with the SEC sending the company a Wells notice which indicated that the agency would sue Coinbase if they launched their crypto lending product called Lend. On Friday, the company quietly added an update to its launch post for Lend , detailing in part:. We have also discontinued the waitlist for this program as we turn our work to what comes next. Lend was far from an anomaly in the crypto exchange world; investors can find similar functionality in platforms like Gemini, which allow users to lend their crypto holdings back to the exchange for the promise of earning interest rates that are much, much higher than traditional savings accounts offer.

Coinbase Backs Down Against SEC; Robinhood Tests Wallet

RELATED VIDEO: SEC challenges Coinbase over launch of loan platform

Welcome to Finextra. We use cookies to help us to deliver our services. We'll assume you're ok with this, but you may change your preferences at our Cookie Centre. Please read our Privacy Policy. Coinbase has abandoned its planned interest-earning product two weeks after the cryptocurrency exchange revealed that the SEC was threatening to sue over the issue.

The move is a big win for the SEC. Although the SEC has talked more about crypto regulations than proposed rules, its impact on Coinbase shows that sometimes a threat is all you need.

Coinbase has received notice of a possible enforcement action from the Securities and Exchange Commission related to its interest-earning product, which the company had planned to launch in the coming weeks. The cryptocurrency exchange and services firm received a Wells notice from the SEC last Wednesday saying the regulator intends to sue Coinbase over the product, called Coinbase Lend, the company disclosed in a Tuesday night blog post. The SEC didn't immediately return a call for comment. Shares of Coinbase fell 3. The company's chief legal officer, Paul Grewal, indicated in the post that the company was caught off guard by the threat considering its efforts to engage with the regulatory agency for the last six months. That visit took place shortly after Coinbase became the first publicly traded crypto exchange and about a month after Gary Gensler had been confirmed as chairman of the SEC. Sometimes the law is unclear.

And Coinbase is pretending be okay with it just because they are behind some digital veil. I am experiencing something similar. The SEC issued Coinbase a Wells notice, a formal statement sent to individuals or firms when an enforcement action can be expected, on September 1, according to the exchange.

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