The US Securities and Exchange Commission (SEC) has warned Coinbase it will sue the crypto exchange if it goes ahead with plans to launch a program allowing users to earn interest on their crypto holdings.
According to Paul Grewal, Coinbase’s chief legal officer, the company received a Wells notice from the commission. “The SEC has told us it wants to sue us over Lend. We have no idea why,” Grewal said in a blog post, adding that the SEC has told Coinbase it considers Lend “to involve a security, but wouldn’t say why or how they’d reached that conclusion.”
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