TechFlow News — Coinbase's Chief Legal Officer published a blog post stating that the U.S. Securities and Exchange Commission (SEC) has warned Coinbase that its C2C lending service constitutes a security, and the SEC will sue if Coinbase launches the product. The SEC says it is evaluating the lending product using the Howey Test and decades of Supreme Court precedent. Additionally, Coinbase stated that during its visit to Washington in May to meet with all regulatory agencies and government departments, the SEC was the only regulator that refused to meet, claiming, "We don't meet with any crypto companies."
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