Despite the valid disqualification of the Lend feature as security, SEC still maintained it will sue crypto exchange Coinbase. The U.S. financial compliance watchdog did not explain why it continues to hold Coinbase’s Lend feature as a security.
According to Coinbase’s Chief Legal Officer Paul Grewal, SEC asked Coinbase for documents and written responses, which the exchange provided. SEC again proceeded to ask for a sworn testimony from a corporate witness about the program. Coinbase complied with SEC’s demands but still failed to convince the financial compliance watchdog.
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