Coinbase May Face SEC Action Over Cryptocurrency Product

By Dean Seal (September 8, 2021, 9:01 PM EDT) -- The U.S. Securities and Exchange Commission has threatened to sue Coinbase over a planned program to let customers earn interest on their cryptoassets, to the apparent bewilderment of the largest cryptocurrency exchange in the country.

The now-public company disclosed in a regulatory filing on Wednesday that it had received a Wells notice from the SEC over its recently announced Lend program, which would offer 4% interest on customers' holdings of cryptocurrency pegged to the U.S. dollar, known as stablecoins.

The chief legal officer for Coinbase said in a blog post Tuesday night that the company was taken aback by the SEC's...

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