{"id":10355,"date":"2021-09-20T17:34:43","date_gmt":"2021-09-20T16:34:43","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=10355"},"modified":"2021-09-20T17:34:47","modified_gmt":"2021-09-20T16:34:47","slug":"coinbase-abandons-plans-for-crypto-lending-product-after-scuffle-with-sec","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/coinbase-abandons-plans-for-crypto-lending-product-after-scuffle-with-sec\/","title":{"rendered":"Coinbase abandons plans for crypto lending product after scuffle with SEC"},"content":{"rendered":"\n
In its decision to withdraw its Lend product from the market after scuffle with SEC, the Coinbase<\/a> alluded to the difficulty in obtaining regulatory certainty across the cryptocurrency industry.<\/h5>\n\n\n\n
\"Coinbase<\/figure>\n\n\n\n

Coinbase\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, a cryptocurrency exchange based in the United States, has stated that it will not be continuing with its Lend crypto lending service.<\/p>\n\n\n\n

Coinbase explained its decision not to bring the crypto lending product to market in a Sept. 17 update to a blog post that first announced the initiative in June, citing problems in obtaining regulatory certainty throughout the cryptocurrency industry. <\/p>\n\n\n\n

Lend is a scheme designed to offer 4 percent yearly yield back on deposits of USD Coin<\/a>, according to the exchange, which claims that “hundreds of thousands of customers from across the country” have already joined up (USDC).<\/p>\n\n\n\n

The announcement comes less than two weeks after the Securities and Exchange Commission, or SEC, threatened Coinbase with legal action if the exchange launched Lend, which the SEC <\/a>has determined to be a security falling under its jurisdiction. Coinbase has since withdrew the threat. <\/p>\n\n\n\n

Chief legal officer Paul Grewal of cryptocurrency exchange Coinbase <\/a>later stated that the financing product was not a “investment contract or a note,” and that the SEC's judgment was lacking in specificity. It was previously announced that Lend wouldn't be launched until “at least October” according to the exchange.<\/p>\n\n\n\n

Coinbase continues to be one of the largest cryptocurrency exchanges in the United States and the globe, according to CoinMarketCap<\/a>, with more than $6.3 billion in daily trade activity in 2017. <\/p>\n\n\n\n

Additionally, the exchange announced intentions earlier this month to raise $1.5 billion through a debt issue in order to further strengthen the company's balance sheet.<\/p>\n","protected":false},"excerpt":{"rendered":"

In its decision to withdraw its Lend product from the market after scuffle with SEC, the Coinbase alluded to the difficulty in obtaining regulatory certainty across the cryptocurrency industry. Coinbase , a cryptocurrency exchange based in the United States, has stated that it will not be continuing with its Lend crypto lending service. Coinbase explained […]<\/p>\n","protected":false},"author":13,"featured_media":10357,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[150,143,1305],"class_list":["post-10355","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-coinbase","tag-sec","tag-united-states"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/09\/image-190.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/10355","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=10355"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/10355\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/10357"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=10355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=10355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=10355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}