The new program would allow users to lend the coins to each other in exchange for a 4% interest rate—a substantial increase over the rates banks generally offer in traditional savings accounts. The SEC declined to elaborate on why it considers Lend a security except to point out it was leaning on “decades-old Supreme Court cases.”
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SEC Prepared to Step In If Coinbase Goes Through with Lend
The Securities and Exchange Commission has threatened to sue Coinbase if it launches its Lend “stablecoin” offering without appropriately classifying it as a regulated security. So reports Vox.
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