Exchange Coinbase has ditched plans to launch its controversial loan product, claiming it was “a tough decision” in a blog post on Sept. 20.
“In an attempt to achieve regulatory clarity for the entire crypto industry as a whole, we made the difficult decision not to start the previously announced USDC APY program.”
The company cut waiting lists for “hundreds of thousands” of customers who had signed up for the program.
CEO Brian Armstrong has publicly announced that the US Securities and Exchange Commission has threatened to sue the exchange over its yet-to-be-launched product and fire its employees.
The publicly traded company criticized the SEC for refusing to disclose why it believes the interest rate program is unregistered security.
Armstrong also pointed out that the loan products have been around for years, suggesting that Coinbase has been subjected to unfair regulator scrutiny.
However, those hoping for a showdown between the most significant US exchange and the watchdog were disappointed as the SEC caught the product in the first place.
Last week, Coinbase also faced backlash in the crypto community after successfully signing a $ 1.4 million deal with the Department of Homeland Security.
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