fell 4% on Wednesday morning.
The company's chief legal officer, Paul Grewal, indicated in the post that the company was caught off guard by the threat considering its efforts to engage with the regulatory agency for the last six months. CEO Brian Armstrong said in a series of tweets that when he traveled to Washington, D.C. in May, the SEC "refused" to meet with him.
That visit took place shortly after Coinbase became the first publicly traded crypto exchange and about a month after Gary Gensler had been confirmed as chairman of the SEC. "We're committed to following the law. Sometimes the law is unclear. So if the SEC wants to publish guidance, we are also happy to follow that,"The product in question is billed as allowing users to earn a 4% annual percentage yield on a so-called stablecoin by allowing Coinbase to lend those funds to verified borrowers. Coinbase backs USD Coin and guarantees that it can always be redeemed for $1.
Armstrong said when the company initially reached out to the SEC for a briefing ahead of the launch, the regulator responded by saying the Lend feature is a security. When the company asked the SEC to help it understand their view, the agency responded with a number of demands, with which Coinbase complied, according to Armstrong.
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Coinbase Slams ‘Regulation By Litigation’ As SEC Threatens To Sue Over Lending ProductI am a London-based reporter for Forbes covering breaking news. Previously, I have worked as a reporter for a specialist legal publication covering big data and as a freelance journalist and policy analyst covering science, tech and health. I have a master’s degree in Biological Natural Sciences and a master’s degree in the History and Philosophy of Science from the University of Cambridge. Follow me on Twitter theroberthart or email me at rhartforbes.com For all those who are new to this working from home Bitcoin trading options Here's a little tip: Get a trusted Bitcoin expert and stick to her DorothyEstrada0 Invest and play at similar times each day. Because : In times of chaos, your investment is your anchor to success SECGov has exposed itself as corrupt and incompetent bunch of crooks in Ripple case! So coinbase must relist XRP as Bitrue and Uphold never delisted or suspended trading XRP! stopthesec
Source: Forbes - 🏆 394. / 53 Read more »
Coinbase Slams ‘Regulation By Litigation’ As SEC Threatens To Sue Over Lending ProductI am a London-based reporter for Forbes covering breaking news. Previously, I have worked as a reporter for a specialist legal publication covering big data and as a freelance journalist and policy analyst covering science, tech and health. I have a master’s degree in Biological Natural Sciences and a master’s degree in the History and Philosophy of Science from the University of Cambridge. Follow me on Twitter theroberthart or email me at rhartforbes.com For all those who are new to this working from home Bitcoin trading options Here's a little tip: Get a trusted Bitcoin expert and stick to her DorothyEstrada0 Invest and play at similar times each day. Because : In times of chaos, your investment is your anchor to success SECGov has exposed itself as corrupt and incompetent bunch of crooks in Ripple case! So coinbase must relist XRP as Bitrue and Uphold never delisted or suspended trading XRP! stopthesec
Source: Forbes - 🏆 394. / 53 Read more »