THE END OF COINBASE? NEW SEC LAWSUIT!! Crypto Lend Program | Cryptocurrency UPDATE BITCOIN Dogecoin

THE END OF COINBASE? NEW SEC LAWSUIT!! Crypto Lend Program | Cryptocurrency UPDATE BITCOIN Dogecoin

Coinbase announced that they are currently being sued by the SEC for a program they’re working on called Lend. While the crypto exchange platform said they have no idea why, the SEC have already informed us of the ground rules.

It turns out that the SEC believes digital assets (like crypto) “may be securities, depending on the facts and circumstances.” In order to be considered a security, the crypto has to be a financial asset that can be traded and is governed by laws meant to prevent fraud.

The argument the SEC laid out is that Lend qualifies as a security. According to the statement from Coinbase: “Coinbase’s Lend program doesn’t qualify as a security — or to use more specific legal terms, it’s not an investment contract or a note. Customers won’t be “investing” in the program, but rather lending the USDC they hold on Coinbase’s platform in connection with their existing relationship.”

Yet, the SEC, led by Gary Gensler, is cracking down on cryptocurrency in general. They didn’t tell Coinbase why Lend would be considered a security, besides the fact that it was considering it “through the prism of decades-old Supreme Court cases.”

According to GlobalData analyst George Monaghan: “The announcement that the SEC is investigating Coinbase’s Lend program is consistent with regulators’ ongoing aggression regarding crypto.”

This isn’t the first time we’ve seen the SEC crack down on crypto. Back in 2018, they launched FinHub in order to further regulate crypto. It’s described as "a resource for public engagement on the SEC's FinTech-related issues and initiatives, such as distributed ledger technology (including digital assets), automated investment advice, digital marketplace financing, and artificial intelligence/machine learning."

The question is why would the SEC go through all this trouble...

One possible theory is that the SEC is being tasked with protecting traditional banks. With cryptocurrency, people would have no incentive to even use the bank at all. Secondly, the SEC might be cracking down on lending altogether, since lending played a part in the 2008 recession.

When the SEC stepped in with threats of legal action, saying “don’t release your lend program just yet,” it was more a matter of “we need time to collect our thoughts here.” They need to investigate Lend before they allow it. So here’s what we will likely see happen now: interest rates will drop as cryptocurrency companies wait out the drama.

I hope you found this video entertaining and informative.

I’m Andrew Cartwright, stay safe, love ya.



Sources:

https://blog.coinbase.com/the-sec-has-told-us-it-wants-to-sue-us-over-lend-we-have-no-idea-why-a3a1b6507009

https://www.vox.com/recode/22663312/coinbase-sec-cryptocurrency-bitcoin

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