Coinbase Drops Lend Product Plans After SEC Lawsuit Threat

Cryptocurrency exchange Coinbase has canceled plans to launch Lend, a product designed to deliver high-interest returns on USDC stablecoin holdings. From a report: A Coinbase representative confirmed the news to Decrypt this morning, referring us to a quietly updated recent blog post about the planned initiative, which was first announced in June but put on hold following the threat of legal action from the U.S. Securities and Exchange Commission (SEC) 'Our goal is to create great products for our customers and to advance our mission to increase economic freedom in the world,' the update reads. 'As we continue our work to seek regulatory clarity for the crypto industry as a whole, we've made the difficult decision not to launch the USDC APY program announced below.' Coinbase wrote that it had hundreds of thousands of people signed up to its waitlist, which has now been discontinued. 'We will not stop looking for ways to bring innovative, trusted programs and products to our customers,' the update concludes. Further reading: Is Lending Your Bitcoins a Security?

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