SEC Threatens to Sue Coinbase Over High Interest Crypto Product
“The US Securities and Exchange Commission (SEC) issued a “Wells notice” warning that it will sue Coinbase if it moves forward with a plan to offer a new product called Lend that would pay stablecoin owners 4% interest on their savings. Coinbase touted the product as a way for crypto owners to earn far high interest than what is offered at regular banks, and promised to offer a “peace of mind” guarantee as a substitute for the FDIC insurance that comes with traditional interest-bearing accounts.”
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