您现在的位置是:Coinbase says it won’t launch the USDC APY programme >>正文
Coinbase says it won’t launch the USDC APY programme
上海品茶网 - 夜上海最新论坛社区 - 上海千花论坛54517人已围观
简介The cryptocurrency exchange revealed it had ditched the lending product citing regulation issuesPubl...
The cryptocurrency exchange revealed it had ditched the lending product citing regulation issues
Publicly-traded crypto exchange Coinbase has seemingly yielded to pressure following an announcement that it would not be launching its high-yield lending product. The Coinbase team didn’t share the news on Twitter or address the matter in a dedicated blog post. Instead, the exchange discreetly confirmed that the product wouldn’t be hitting the market as planned in a 17 September update to the initial June post.
Coinbase didn’t specify the exact reason for abandoning the programme, but the updated blog post hinted at regulatory difficulties in the path of the exchange and the cryptocurrency sector in general. It could be that the exchange gave in to the threats from the US Securities and Exchange Commission (SEC) and decided to drop the product. The top regulator previously sent a Wells notice to the exchange, warning it would sue if the exchange proceeded to introduce the crypto lending programme into the market.
Coinbase chief executive Brian Armstrong didn’t take the notice lightly and took to social media to lambast the commission, specifically its poor handling of the matter. Many took the exchange’s side, calling out the commission for its antics. The majority of users didn’t see it coming, especially since the company disclosed the cancellation quietly.
In a social debacle, Armstrong revealed that the exchange had remained compliant with regulations, and it was a surprise to receive the warning. The bone of contention was the status of the product which the regulator views as a security. The company’s chief legal officer Paul Grewal, however, revealed that the commission did not offer any clarification on how it arrived at the decision. The watchdog only warned that it would file a lawsuit if the exchange proceeded to roll out the product.
The crypto lending programme would have offered a relatively high annual percentage yield on some tokens, including 4% yearly yield returns on deposits of the USDC stablecoin. Coinbase reports that “hundreds of thousands of customers from across the country”were already on the waiting list for the programme at the time of the tussle. The exchange has since discontinued the waitlist but pledged to continue working on better offerings for its customers.
Many alternatives to Coinbase have shown interest in bringing crypto yield products into the market in the last few months. Cryptocurrency platform Gemini, secured non-bank lender BlockFi and crypto lending platform Celsius are some of the names that have or are working on lending offerings. The latter is the latest to be restricted by state authorities in Texas and New Jersey.
Tags:
转载:欢迎各位朋友分享到网络,但转载请说明文章出处“上海品茶网 - 夜上海最新论坛社区 - 上海千花论坛”。http://www.jz08.com.cn/news/47859.html
相关文章
Binance Coin (BNB) could target $450 despite stagnation
Coinbase says it won’t launch the USDC APY programmeBinance Coin (BNB) has faced some stagnation in the price action over the past week. The coin has la...
阅读更多
Terra (LUNA) aims to smash past $100 in the coming days
Coinbase says it won’t launch the USDC APY programmeWe have seen some decent positive momentum forTerra (LUNA)over the last three trading sessions. The...
阅读更多
The Bank Of Canada Is Concerned About CBDC Adoption
Coinbase says it won’t launch the USDC APY programmeThe Central Bank of Canada recently released a report highlighting the major security questions surr...
阅读更多
热门文章
- Japanese researchers bipedal robot powered by living muscle tissue
- New Zealand Central Bank Interested in CBDCs
- Scientists deploy SMuRFs, army of robots for safe nuclear plant cleanup
- The Rise Of CBDCs And What They Mean For Cryptocurrencies
- Make your lonely dog feel better with this $7 Japanese tech
- Bitcoin leads others in an unexpected downturn
最新文章
Shiba Inu Metaverse goes live with ‘land bid event’ already happening
Traders eyeing BTC/USD at $11k as Bitcoin dominance jumps to 61%
Interview: ComplyAdvantage discuss regulation of crypto
Pandemic Accelerates Digital Currency Adoption In The EU
EU wants to revise the current Transfer of Funds Regulation Act
Texas state regulators are investigating Celsius: Reuters