Support for Coinbase and its CEO, Brian Armstrong, has been pouring from the crypto community since the company disclosed in a regulatory filing on Wednesday that it had received a Wells notice from the U.S. Securities Exchange Commission.
The regulator has threatened to sue the exchange over its proposed Lend program, which would offer 4% interest on customer holdings of the USDC stablecoin. Company CEO Brian Armstrong took to Twitter on Sept. 8 to vent his dismay over the lack of clarity from the regulator as to why it believes the product is a security. Rival platforms Celsius and BlockFi offer similar products.
“I think we’re going through these murky waters right now and we need to get clarity and its going to take a little bit of time before we get the rules and we