US could sue Coinbase crypto exchange
The SEC would be preparing a lawsuit against the cryptocurrency exchange platform for the launch of a loan product between users
The United States Securities and Exchange Commission (SEC) plans to sue the cryptocurrency exchange platform Coinbase for the future launch of a product that allows loans between cryptocurrency users, according to the company itself on its corporate blog.
Coinbase detailed that it received a letter in which the SEC informs the company that it intends to sue it for Coinbase Lend. This product allows Coinbase users to lend the stablecoin USD Coin in exchange for a 4 % annual return.
The company noted that it does not know why the SEC plans to sue them. Coinbase believes that Lend does not qualify as a “security” as it is not an investment or a bond. However, the regulator considers the contrary.
Faced with this situation, the cryptocurrency exchange assured that it will not launch Lend at least until October. In any event, if the company launches the product before the dispute with the SEC is resolved, the regulator plans to sue the company.
K. Tovar
Source: dpa
