Coinbase Drops Plan for Crypto Lending Program After SEC Balks - BLOOMBERG
BY Bloomberg News,
(Bloomberg) -- Coinbase Global Inc. is bowing to pressure from U.S. regulators and tabling plans to launch a product that would pay users interest for lending out their tokens.
The decision to shelve its Lend product, which the company announced quietly in a blog post on Friday, comes after the Securities and Exchange Commission threatened to sue the firm if it moved ahead. It also represents a dramatic reversal for Coinbase, whose top executives made its skirmish with the SEC public in defiant posts on social media on Sept. 7.