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Coinbase drops crypto lending program due to SEC's lawsuit threat
Coinbase dropped its plan to launch a lending program after the US Securities and Exchange Commission (SEC) threatened it with a lawsuit
The Nasdaq-listed cryptocurrency exchange said that as it continues to seek regulatory clarity for the crypto industry as a whole, it decided not to launch its Lend program.
The Lend program would let users earn interest on USD coins with rates of over 50 times the national average of a traditional savings account.
The program allows users to earn four percent APY with the principal being guaranteed.
SEC sent Coinbase a Wells Notice regarding a security issue on the Lend program, a conclusion that it did not explain.
The company is growing its business in some other ways. Last week, Coinbase applied to the National Futures Association (NFA) to offer futures and derivatives trading on its platform. Coinbase is also raising $2 billion by selling bonds.
Furthermore, Coinbase Prime, a comprehensive platform for institutional investors, would be launched with updated capabilities.