Coinbase Slams ‘Regulation By Litigation’ As SEC Threatens To Sue Over Lending Product

The U.S. Securities and Exchange Commission has threatened to take legal action against cryptocurrency trading platform Coinbase if it follows through with plans to launch a crypto lending product, according to company executives Wednesday, who criticized the regulator’s decision to “skip basic regulatory steps” and jump straight to litigation without providing guidance to the industry. Key Facts

The SEC issued Coinbase with a Wells notice—a formal warning that the agency intends to sue—if it carries through with plans to launch the new product, called Lend, chief legal officer Paul GrewalGrewal said the regulator considered Lend, which allows users to earn interest on digital assets, a security, a designation the company does not agree with.

Armstrong, who said the SEC also requested records and testimony from employees, accused the regulator of “sketchy behavior” and of making a “land grab” compared to other regulators.The SEC did not immediately respond to Armstrong said Coinbase is “committed to following the law” and acknowledged that this is sometimes unclear. However, he said the SEC has not published any guidance for industry and was the only regulator to decline meeting with him when he travelled to Washington, D.C., in May.

Source: Education Headlines (educationheadlines.net)

SEC could as well sue the entire crypto market 🙄🙄🙄🙄

stopthesec

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!

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

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