Interest-Earning Crypto Crackdown Is Bigger Than Coinbase

By Dean Seal (September 24, 2021, 8:47 PM EDT) -- Coinbase's cancellation of a planned cryptocurrency lending program over threatened litigation from the U.S. Securities and Exchange Commission is just the latest and most conspicuous episode in a wider regulatory crackdown on interest-earning crypto products.

The largest U.S. cryptocurrency exchange quietly called off its proposed Lend program roughly two weeks after Coinbase executives claimed in online posts that the federal securities regulator had expressed concerns about the program — which would have let customers lend out their holdings of cryptocurrency pegged to the U.S. dollar in exchange for 4% interest — implicating securities laws.

The SEC sent notice that it intended...

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