Coinbase did not request authorization for all assets just USDC was requested.Ĭelsius, which manages over $20 billion in assets, now offers non-accredited investors returns on USDC and other stablecoins. The SEC contends that if paid to non-accredited investors, the yield on USDC is security. According to Mashinsky, Coinbase already offers returns on crypto-assets like Ether, thus the SEC appears to have a problem with paying interest on USDC stablecoin deposits. It’ll take some time before they figure out the regulations and can start racing faster. 8 that everyone in the crypto business was seeking clarity that he thinks they are in some muddy seas right now, and they need to have some clarity. Similar goods are available on competing platforms Celsius and BlockFi.Īlex Mashinsky, co-founder and CEO of Celsius Network, told Yahoo! Finance on Sept. 8, company CEO Brian Armstrong turned to Twitter to express his disappointment with the regulator’s lack of clarification about why it feels the product is a security. The exchange has been threatened with legal action by the regulator over its proposed Lend program, which would pay customers 4% interest on USDC stablecoin holdings. Since the firm announced in a regulatory filing on Wednesday that it had received a Wells Notice from the US Securities Exchange Commission, support for Coinbase and its CEO, Brian Armstrong, has been flooding in from the crypto community. Mark Cuban recommends going on the offensive, while the Celsius CEO seeks clarification for comparable goods. For the larger benefit of the industry, Cuban pushed Coinbase to be proactive in its response to the prospect of legal action.8 that everyone in the crypto business was seeking clarity that he thinks they are in some muddy seas right now, and they need to have some clarity Alex Mashinsky, co-founder and CEO of Celsius Network, told Yahoo! Finance on Sept.
Mark Cuban recommends going on the offensive, while the Celsius CEO seeks clarification for comparable goods.
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