Coinbase says it need not respond further to SEC inquiry about Lend program
Coinbase Global Inc (NASDAQ:COIN) has posted its SEC report for the third quarter of 2021, with the document including a brief update on the regulatory investigation into Coinbase’s Lend program.
Let’s recall that, on September 8, 2021, Coinbase disclosed receipt of a “Wells Notice” from the Securities and Exchange Commission (SEC) in connection with Coinbase, Inc.’s planned Lend program, which was announced on June 29, 2021 for pre-enrollment but which had not yet launched.
Back then, Coinbase’s chief legal officer Paul Grewal stated that “the SEC has told us it wants to sue us over Lend. We don’t know why”.
On September 17, 2021, Coinbase, Inc. announced it would not be launching the Lend program. In its latest regulatory filing, Coinbase states the SEC subsequently informed the company that it need not respond further to the SEC’s inquiry about the Lend program.
Specifically for Lend, Coinbase was seeking to allow eligible customers to earn interest on select assets on Coinbase, starting with 4% APY on USD Coin (USDC).