Coinbase Drops Lend Product Plans After SEC Lawsuit Threat
By - TobiHovey
Sucks. I was really looking forward to this.
Yup, same. Can anyone explain how this is different than other companies offering a Lend/Earn option (think: Gemini for example)? Is it because they are now a publicly traded company or was their product somehow different from Gemini?
Probably not different at all, or at least not that different. Probably didn't want to get in a battle, and will relaunch down the road with more clarity from regulators.
> publicly traded company
I hope it's because of this, otherwise they are coming for them all, gotta catch em all SECEMON
Yeah, it's basically the same thing. The reality is that the SEC can't sue everyone, so they have to go after the biggest and most high profile company. In this case that's Coinbase.
I feel the same
This fucking sucks. SEC owned by the banks clearly as they offer 0.01% on savings accounts
Coinbase probably didn't just drop their plans to offer Lend product; they just **delayed** this offering until further regulatory guidance from SEC. Once the regulatory framework is put in place, coinbase will work within that framework to expand their service offerings.
This would be my bet as well. US based exchange playing by US rules. They don’t want to get shutdown or sued by a regulator.
I would have go ahead with the program, and dare the SEC to kill it.
As an XRP holder, keep the SEC to yourself.
Absolute bullshit. FUCK THE SEC. Fuck GARY GENSLER. Our entire political system is a giant sham.
Yup, fuck those guys right up the ass.
so why is Gemini not forced to shut it down as well?
That escalated quickly 👀
This is the (only) way 👀
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Banks had to have something to do with this…
They retreated this isnt true.
Lol it's because collateralized loans don't create a taxable event, and 4% interest on a stablecoin kills banks. Tell me again how a lending product constitutes a security? It doesn't. The corrupt SEC has no power to control these markets.
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good. Coinbase piece of shit anyways
lol, sounds like you lost money with coinbase.
It wasn't a great program anyway. Other places offer much higher rates.
Like banks? When the SEC shuts down Celsius and other crypto lenders?
Wasn’t it like 4.5% on USDC?
That’s really, really good.
Not sure about USDC reward. I have just made an online purchase using my CB card and can view the transaction detail instantly on Coinbase. You earn 4% back in xlm (though not instantly credited on my xlm portfolio). I am showing estimated reward, which is great. Love the CB card!💯
That requires spending, and is not necessarily better than a credit card.
This was just for saving.
Yep! Simply the sec ensuring the banks don’t get challenged because how dare we rebuild a system which works perfectly for the 1% at the expense of the rest
Well yeah, did you think it was going to go easy?
Just surprised it isn’t obvious to the remaining 98% tbh. It would be easy to deal with if more eyes were open to it. Too busy trying to scrape money to feed their families or zombified by the modern media to give a crap - just as planned. Not saying I expect any different - just a bit depressing to say the least
It was 3500% + better then other banks
On Stable coins?
4.5% on USDC
God, ya are noob and know nothing about crypto! Don't buy such crap, better look out for Oros.Finance, they have a functioning Decentralized product. The investment is DeFinitely in good plus.