{"id":12378,"date":"2021-09-21T15:54:05","date_gmt":"2021-09-21T15:54:05","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/coinbase-abandons-plan-to-launch-lend-program-after-sec-threatens-lawsuit\/"},"modified":"2021-09-21T15:54:05","modified_gmt":"2021-09-21T15:54:05","slug":"coinbase-abandons-plan-to-launch-lend-program-after-sec-threatens-lawsuit","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/coinbase-abandons-plan-to-launch-lend-program-after-sec-threatens-lawsuit\/","title":{"rendered":"Coinbase Abandons Plan to Launch Lend Program After SEC Threatens Lawsuit"},"content":{"rendered":"

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.<\/strong><\/p>\n

Coinbase Will Not Launch Lending Program<\/h2>\n

Coinbase announced Friday that it has decided not to launch the Lend program. The exchange wrote:<\/p>\n

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\u2019ve made the difficult decision not to launch the USDC APY program.<\/p>\n

\u201cWe have also discontinued the waitlist for this program as we turn our work to what comes next. We had hundreds of thousands of customers from across the country sign up and we want to thank you all for your interest. We will not stop looking for ways to bring innovative, trusted programs and products to our customers,\u201d Coinbase added.<\/p>\n

Coinbase unveiled the Lend program in June where users could \u201cearn interest on USD coin (USDC) with rates more than 50x the national average of a traditional savings account,\u201d the company explained at the time. The program advertised that users could earn 4% APY and the \u201cprincipal is guaranteed.\u201d<\/p>\n

However, Coinbase revealed<\/a> in early September that the SEC sent the company a Wells Notice regarding its Lend program. \u201cThe SEC has told us it wants to sue us over Lend. We don\u2019t know why,\u201d the exchange said. \u201cThe SEC told us they consider Lend to involve a security, but wouldn\u2019t say why or how they\u2019d reached that conclusion.\u201d<\/p>\n

Meanwhile, Coinbase is growing its business in some other ways. Last week, the company filed an application with the National Futures Association (NFA) to offer futures and derivatives trading<\/a> on its platform. Coinbase is also raising $2 billion by selling bonds<\/a>. Furthermore, the exchange announced<\/a> Monday that Coinbase Prime, a comprehensive platform for institutional investors, is launching with updated capabilities.<\/p>\n

What do you think about Coinbase abandoning its plan to launch a lending program? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nExchanges, Coinbase, coinbase exchange, coinbase lend, coinbase lending, coinbase sec, sec threatens coinbase, wells notice<\/p>\n","protected":false},"excerpt":{"rendered":"

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…<\/p>\n","protected":false},"author":0,"featured_media":12379,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-12378","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12378"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=12378"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12378\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/12379"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=12378"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=12378"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=12378"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}