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ARTICLE · 02 OCTOBER 2021

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A September To Remember: Coinbase Avoids SEC Clash By Dropping Crypto Lend Product

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Last week, Coinbase Global Inc. ("Coinbase") headed off confrontation with the Securities and Exchange Commission ("SEC") by announcing it was shelving a much ballyhooed digital asset lending product, Lend.

United StatesTechnology
Christopher Bosch
Christopher Bosch
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Last week, Coinbase Global Inc. ("Coinbase") headed off confrontation with the Securities and Exchange Commission ("SEC") by announcing it was shelving a much ballyhooed digital asset lending product, Lend. The announcement came two weeks after Coinbase revealed that it had received a Wells notice from the SEC warning the company of its plans to sue over Coinbase's planned October Lend launch.

The product was said to offer users a high-yield alternative to traditional savings accounts, allowing them to loan their USDC stablecoin to Coinbase at 4% interest. After its receipt of the Wells notice, the crypto company took to the Internet to criticize the SEC, who apparently issued the warning after a months-long effort by Coinbase to engage productively with the Commission, according to the company. This episode demonstrates that while digital asset innovation marches on, regulators now seem poised to go to market with enforcement actions targeting these novel

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