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Coinbase wants to launch a crypto lending feature. The SEC says "no, crypto lending is a security." CB disagrees. If CB does take the SEC to court (which I think is likely), it will force the agency to reveal more detailed specifics about why it argues this point.
My guess is the SEC will turn to the Howey Test and argue crypto lending profits are "derived from the efforts of others". This is where the entire legal battle lies, and I honestly don't know how it will be resolved. The CFTC will surely have something to say here as well.
@eriz35 thread points out what I was saying in that there is legal ambiguity
thx. is this a derivative of USDC or a contract? The former might fall under CFTC but the latter would be SEC I think (ianal) I didn't see COIN making this argument but keep in mind I am also very dumb
I’m sorry but it’s an utter slam dunk for the Commission. Bitcoin’s status as a commodity is irrelevant here, just as the Howey court didn’t care that oranges were commodities. Don’t take my word for it but talk to some securities lawyers if you have contacts.
Playing devil's advocate here - SEC says Bitcoin is not a security, it's a commodity/replacement for currency. CFTC says stablecoins are an extension of this commodity/currency replacement dynamic. But now lending these coins makes it a security?
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