SEC threatens to sue Coinbase over crypto yield program it considers a security

SEC threatens to sue Coinbase over crypto yield program it considers a security


The United States Securities and Exchange Commission (SEC) has reportedly threatened to sue Coinbase over a crypto yield program it deems as a security.

Coinbase CEO Brian Armstrong tweeted on Sept. 8 that has been some “really sketchy behavior coming out of the SEC recently” before launching into a 21 post thread detailing the SEC’s dealings with the firm.

Armstrong explained that the crypto exchange approached the SEC earlier this year to brief the enforcement body over the up-and-coming Coinbase Lend program that intends to offer 4% annual yield returns on deposits of the USDC stablecoin.

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

According to the Coinbase CEO, the SEC responded by telling the firm that the lending program is a security without any explanation, and threatened to sue if the service was launched:

“They refuse to tell us why they think it’s a security, and instead subpoena a bunch of records from us (we comply), demand testimony from our employees (we comply), and then tell us

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