Brian Armstrong claimed that SEC don’t want to tell us the clear reason that why they don’t want our yield product to go live.
Recently, Coinbase exchange planned to launch their Yield product to enable their users to make earnings on selected assets to store in the Coinbase wallet like USDC, ETH2.0 etc. And it was expected that it was near to go live in the next few weeks.
But when the Securities and Exchange Commission ( SEC) came to know about it, they described it as an unregistered securities.
Now here, Brian Armstrong, Ceo of Coinbase, said that the SEC don’t want to talk about it clearly and they didn’t explain why they called it unregistered Securities.
Brian also claimed that, Coinbase company already complies with all the rules and regulations and they are also offering all kinds of Investigation to overlook how the company works with their product, but the current issues against them are totally out of comprehension.
“They refuse to tell us why they think it’s a security, and instead subpoena a bunch of records from us (we comply), demand testimony from our employees (we comply), and then tell us they will be suing us if we proceed to launch, with zero explanation as to why”
It seems that regulators don’t want Coinbase to become a registered alternatives Bank. In the present time banks are not offering better returns on the funds but here Coinbase wants to offer on digital assets, then surely it will brun business of many banks in the US.