Coinbase Backs Off Lending Program After SEC Pressure

By Elise Hansen (September 20, 2021, 5:55 PM EDT) -- Coinbase has quietly canceled the launch of its upcoming lending product just over a week after saying it faced an enforcement threat from the U.S. Securities and Exchange Commission over concerns that the program would implicate securities laws.

In a Friday blog post, Coinbase Global Inc. said it's nixing plans for its Lend product, which would have allowed users to earn interest on their holdings of digital asset USD Coin, a "stablecoin" pegged to the U.S. dollar. The post seemed to allude to regulatory pushback from the SEC and came about a week and a half after Coinbase publicly announced that the agency...

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