Coinbase Chief Brian Armstrong Calls Out SEC for Threatening To Sue Top Crypto Exchange

Coinbase Chief Brian Armstrong Calls Out SEC for Threatening To Sue Top Crypto Exchange


Coinbase CEO Brian Armstrong says the U.S. Securities and Exchange Commission (SEC) is threatening the crypto exchange with a lawsuit.

The SEC tells Coinbase it will sue if the company launches a new lending product known as Lend, according to Armstrong.

 

Trending: Tennessee teen fatally shot mom after she took his phone

Armstrong says the SEC claims the product, which is designed to allow users to lend and borrow cryptocurrencies by using their holdings as collateral, would count as a security.

“We were planning to go live in a few weeks, so we reached out to the SEC to give them a friendly heads up and briefing.

They responded by telling us this lend feature is a security. Ok – seems strange, how can lending be a security? So we ask the SEC to help us understand and share their view. We always make an effort to work proactively with regulators, and keep an open mind.

They refuse to tell us why they think it’s a security, and instead subpoena

Continue reading

You Might Like

 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Daily Truth Report • DailyTruthReport.com
Thanks for sharing!
Send this to a friend