Here's Why Coinbase Shares Are Falling Today
As of 1:30 p.m. EDT on Monday, shares of Coinbase Global (NASDAQ: COIN) were down 4.58%. The second-largest crypto-trading platform in the world announced today that it would be dropping plans for cryptocurrency lending products.
The move came after the Securities and Exchange Commission threatened to sue the company if it proceeded with its plans. Coinbase had planned to offer 4% annual yields to investors who lent out their USDC stablecoin on the platform. In addition, it had been scaling down its asset loan operations, which involves using crypto as collateral for loans to pay off everyday expenses.
Image source: Getty Images.
Source Fool.com
