- This topic has 6 replies, 2 voices, and was last updated 2 months, 3 weeks ago by Fmanow.
- Saturday, July 2nd, 2022 at 18:32 #325069senttoschoolParticipant
>The SEC has told us it wants to sue us over Lend. We don’t know why.
>Last Wednesday, after months of effort by Coinbase to engage productively, the SEC gave us what’s called a Wells notice about our planned [Coinbase Lend](https://www.coinbase.com/lend) program. A Wells notice is the official way a regulator tells a company that it intends to sue the company in court. As surprised as we were at the SEC’s threat to sue without ever telling us why, we want to be transparent with you about the course of events leading up to it.
>Coinbase has been proactively engaging with the SEC about Lend for nearly six months. We’ve been eager to hear their perspective as we explore innovative ways for our customers to gain more financial empowerment on Coinbase. Specifically for Lend, we’re seeking to allow eligible customers to earn interest on select assets on Coinbase, starting with 4% APY on USD Coin (USDC). We could have simply launched the product but we chose not to. This is far from the norm in our industry. Other crypto companies have had lending products on the market for years, and new lending products continue to launch as recently as last month. But Coinbase believes in the value of open and substantive dialogue with our regulators. So we took Lend to the SEC first.
Now Coinbase may thank the SEC. Because the SEC might have saved Coinbase from itself.
There’s a reason why the SEC exists. It exists because of centuries of lessons.Saturday, July 2nd, 2022 at 18:32 #325070wheelzoffortune
Really great point. I had forgotten about that whole thing.
…so thank you, SEC?Saturday, July 2nd, 2022 at 18:32 #325071Odlavso
So when I was little I fell off the trampoline because I was doing stupid shit my parents had told me not to do, after falling and crying my dad told me “porque te caíste?” (why did you fall) I answered I didn’t know and he told me “por pendejo” (because you’re an idiot) those words stuck with me my entire life.
I feel like coinbase just had this moment with daddy SECSaturday, July 2nd, 2022 at 18:32 #325072Juancho511
SEC exists to watch porn and be useless.Saturday, July 2nd, 2022 at 18:32 #325073coinbasesucks_51
The SEC exists to police markets and to give clarity to participants. Fine. Enforcement by litigation, no clarity, is also something the SEC engages in, XRP lawsuit, which hurts investors and market participants. Look for the SEC to sue Coinbase or some other exchange in the near future for selling securities. A distinction they have not been clear about.Saturday, July 2nd, 2022 at 18:32 #325074kirtash93
I totally forgot. It is funny how sometimes life save your ass. Destiny?Saturday, July 2nd, 2022 at 18:32 #325075Fmanow
Sec needs to step in already and announce massive forthcoming regulation; in any other time that may be seen as fud, but now the market will welcome it with open arms. Regulation is the next step in the crypto evolution
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