Shares of Coinbase Global fell sharply on Wednesday after the U.S. Securities and Exchange Commission warned that it would sue the crypto exchange company if it went ahead with a plan to allow users to earn interest by lending crypto assets. Beyond the blow to the growth plans of Coinbase (ticker: COIN), the move by the SEC signals a new phase in its enforcement actions. The agency is now questioning whether some of the fastest-growing parts of the crypto industry are legal at all. In particular, the SEC and other regulators seem concerned about crypto companies offering high-interest rates for people to lend out their assets, a service traditionally performed by banks.“The SEC has been flirting with crypto regulations for some time, but today’s news of Coinbase receiving a Wells notice from the SEC feels very much like the first salvo of a long and drawn-out conflict that may engulf the whole space,” said Webull CEO Anthony Denier, whose brokerage offers crypto trading.
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Coinbase Global had at least one bright spot in a dismal quarter: commissions earned from “staking,” where investors can earn yield by locking up certain cryptocurrencies. The problem? Coinbase (ticker: COIN) says that very program is under scrutiny by the Securities and Exchange Commission. The company’s quarterly filing on Tuesday expanded the list of topics on which it says the SEC has sent it investigative subpoenas or other document requests. New on the list was the company’s process for listing assets, the classification of certain listed assets, and its staking programs. That added to queries shown on the company’s first-quarter report surrounding its yield-generating products and stablecoin. The company, in its shareholder letter, said that in May it received a voluntary request for information regarding its listings, a probe which had already been widely reported. The letter didn’t address the staking program inquiry. A Coinbase spokeswoman didn’t answer queries on why staking was added to the disclosure this quarter but pointed to a section of the company’s shareholder letter that said the company often provides input to policymakers.
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The Japanese Yen has appreciated dramatically in the aftermath of US CPI coming in softer than anticipated. It gained around 1.6% against the US Dollar in the North American session, with USD/JPY trading as low as 134.03 at one stage. The US Dollar is weaker against every major currency. For the record, the headline US CPI printed at 8.5% year-on-year to the end of July instead of the 8.7% forecast and 9.1% previously. Core US CPI was the same as the prior month at 5.9%, but lower than the 6.1% anticipated. US yields initially dipped across the curve on the news but then retraced most of the slide after Fed speakers hosed down hopes of rate cuts next year. Federal Reserve Bank of Minneapolis president Neel Kashkari ruminated that he would like to see the Fed funds rate at 3.9% by the end of this year and at 4.4% by the end of 2023. He also said that the soft inflation data doesn’t change the Fed’s rate path. Since he joined the Federal Open Market Committee (FOMC) in 2015, Kashkari leaned toward a dovish stance. At the outbreak of the pandemic, he became more flexible, making his hawkish views particularly noteworthy.
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