The head of the exchange accused the US regulator of "misconduct". According to the managers, provide more information.
Lend is designed to allow users to benefit from specific digital assets on the platform. Grewal said that the Securities and Exchange Commission told Coinbase earlier this year that it considered Lend's product a safety "but did not say why or how they came to that conclusion." He added: "An official investigation into the exchange office and the issuance of summonses."
“While Coinbase has withdrawn the loan from the market and provided detailed information, the Securities and Exchange Commission has not explained why it sees the problem.” She said. "Instead, they have now told us that if we fire Lend, they intend to sue." “
“They refuse to make any written comment to the industry about what should be allowed and why, and instead engage in intimidation tactics behind closed doors. “Their theory is that everything here is like achieving/conquering territory against other regulators.” They borrow or “share” their stocks, but the profit and return mechanisms are often complex and there is little regulatory oversight and they do not provide any protection in the event of a loss for investors.” Washington warned that many cryptocurrency exchanges host securities trading. Unregistered financial instruments that must comply with International Atomic Energy Agency rules. He also called on the Securities and Exchange Commission to explicitly monitor cryptocurrencies, citing the need for investor protection.
Earlier this summer, government agencies began In Texas, New Jersey and Alabama to crack down on BlockFi. Whoever offers high-yield crypto accounts and claims that this amount is not offered by VC has value. BlockFi denies the allegations. Groval also believes that Lend has not provided a guarantee because it is “not an investment agreement or memorandum.” /p>
He added that the company won't launch its product until "at least in October" - which initially offered 4% of annual earnings to StableQueen holders.
It slipped in a wide range of prices. From 12 percent on Wednesday, with K for Bitcoin and Atrium as of 7am London time. Coinbase said the overall market has shrunk by about 14% in the past 24 hours.
© 2021 Financial Times Ltd.
The SEC threatened to sue Coinbase for lending the product
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