Coinbase stock falls 5% as it ends plans for crypto lending amid regulatory pressure

Cryptocurrency exchange Coinbase Global ((COIN -5.5%)) drops to its lowest level since early-August as the company said it will not go forward with the Lend program shortly after the Securities Exchange Commission threatened to sue with a Wells notice, the company said on its website. Under the program, customers would earn interest on USDC - guaranteed by Coinbase - well-above what traditional depository institutions offer for a savings account. Coinbase (NASDAQ:COIN) said it will also discontinue the waitlist for the USD Coin annual percentage yield program, which already had hundreds of thousands of sign ups before it got dropped. The SEC told the exchange that if it launches Lend, they will sue because the feature is considered a security, but "they refuse to tell us why they think it's a security," Coinbase CEO Brian Armstrong said in a tweet. The downside move in COIN may also be enhanced by Bitcoin's