Coinbase Drops Lend Product Plans After SEC Lawsuit Threat

The program, which would provide 4% annual interest on USDC stablecoin holdings, will not be launched. Read the full article by: Andrew Hayward

Key Points:

• Coinbase has decided to put an end to their plans to offer a lend product where users would be able to make 4% on theyre USDC holdings. Last week the SEC told Coinbase they would pursue legal action against them if they launched the product.

• BlockFi and Celsius are also currently under investigation by the SEC for providing interest on a number of different cryptocurrencies.

• Hundreds of people had signed up for the waitlist to use the Lend product but now Coinbase CEO Brian Armstrong has said that they will continue to find ways to innovate their offerings but also says the SEC is refusing to provide anyone with regulatory clarity on these topics.