While SEC rules are hazy, Coinbase's Lend product likely does constitute a security; to avoid SEC oversight, Coinbase would need to be regulated like a bank (Matt Levine/Bloomberg)

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Matt Levine / Bloomberg:
Whereas SEC guidelines are hazy, Coinbase’s Lend product seemingly does represent a safety; to keep away from SEC oversight, Coinbase would have to be regulated like a financial institution  —  Is lending your Bitcoins a safety?  —  Oh, certain, sure, completely.  The rule within the U.S. is that an “funding contract,” …


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