Finance and Economy

Coinbase quietly scraps ‘Lend’ product after SEC dustup

By Zach Halaschak
Published September 20, 2021 8:10pm ET
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Coinbase quietly scraps ‘Lend’ product after SEC dustup
Coinbase employee Daniel Huynh holds a celebratory bottle of champagne as he photographs outside the Nasdaq MarketSite, in New York's Times Square, Wednesday, April 14, 2021. Wall Street will be focused on Coinbase Wednesday with the digital currency exchange becoming a publicly traded company. | (Richard Drew/AP)

Cryptocurrency exchange platform Coinbase has tossed out plans to start a lending product after pressure from the Securities and Exchange Commission.

Coinbase didn’t broadcast its surrender to the SEC but announced in an update tacked on to a days-old press release that the product, dubbed Coinbase Lend, would be canceled. The move came after the platform’s CEO, Brian Armstrong, accused regulators of “really sketchy behavior” surrounding the product.

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Bitcoin Cryptocurrency Regulations SEC Wall Street