Coinbase Probe Shows SEC Game To Play Hardball On Crypto

By Dean Seal (September 10, 2021, 10:07 PM EDT) — The revelation that the U.S. Securities and Exchange Commission is prepared to take legal action over Coinbase’s planned crypto lending program further dims the cryptocurrency industry’s already dwindling hopes for a softer touch from the regulator.

The largest U.S. cryptocurrency exchange recently disclosed — first in a trenchant blog post by its chief legal officer and a Twitter rant from its CEO, and then a regulatory filing the next day — that it has received a Wells notice from the SEC. The notice concerned Coinbase’s planned service, called Lend, to let customers lend their holdings of cryptocurrency pegged to the U.S. dollar,…

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