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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