TraderJac
2021-09-09
Everything is still very grey
Here's why Coinbase is in hot water over crypto lending -- and how the SEC is sending a shot across the bow for DeFi<blockquote>这就是Coinbase因加密货币借贷而陷入困境的原因，以及SEC如何向DeFi发起攻击</blockquote>
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":883003406,"tweetId":"883003406","gmtCreate":1631185009505,"gmtModify":1631891318034,"author":{"id":3577012660758299,"idStr":"3577012660758299","authorId":3577012660758299,"authorIdStr":"3577012660758299","name":"TraderJac","avatar":"https://static.tigerbbs.com/291c7ff3ca7266bca11f700fed643d49","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":11,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>Everything is still very grey</p></body></html>","htmlText":"<html><head></head><body><p>Everything is still very grey</p></body></html>","text":"Everything is still very grey","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/883003406","repostId":2166397137,"repostType":2,"repost":{"id":"2166397137","kind":"highlight","pubTimestamp":1631153006,"share":"https://www.laohu8.com/m/news/2166397137?lang=zh_CN&edition=full","pubTime":"2021-09-09 10:03","market":"us","language":"en","title":"Here's why Coinbase is in hot water over crypto lending -- and how the SEC is sending a shot across the bow for DeFi<blockquote>这就是Coinbase因加密货币借贷而陷入困境的原因，以及SEC如何向DeFi发起攻击</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2166397137","media":"MarketWatch","summary":"Coinbase Global finds itself in a dust-up with its top regulator over lending practices that the Sec","content":"<p>Coinbase Global finds itself in a dust-up with its top regulator over lending practices that the Securities and Exchange Commission says run afoul of existing securities rules.</p><p><blockquote>Coinbase Global发现自己与最高监管机构就贷款行为发生争执，美国证券交易委员会称这些行为违反了现有的证券规则。</blockquote></p><p> Brian Armstrong, the outspoken chief executive of Coinbase, late Tuesday disclosed that the crypto platform is being investigated over a lending program that allows customers holding Circle's USD stablecoin -- an asset intended to serve as a digital dollar -- to earn interest of around 4% APY, by lending it to Coinbase, which in turn lends it to traders.</p><p><blockquote>Coinbase直言不讳的首席执行官布莱恩·阿姆斯特朗(Brian Armstrong)周二晚间透露，该加密货币平台正在接受一项贷款计划的调查，该计划允许持有Circle美元稳定币（一种旨在充当数字美元的资产）的客户赚取约4%的利息年利率，将其借给Coinbase，Coinbase又将其借给交易员。</blockquote></p><p> Crypto experts and financial specialists explained to MarketWatch that the legal dispute could be one that establishes clearer rules for the burgeoning segment of the digital-asset market known as decentralized finance, or DeFi, where investors lend out digital coins to earn additional fee income.</p><p><blockquote>加密货币专家和金融专家向MarketWatch解释说，这场法律纠纷可能会为被称为去中心化金融（DeFi）的数字资产市场的新兴领域制定更明确的规则，投资者借出数字硬币以赚取额外的费用收入。</blockquote></p><p> Crypto professionals say that DeFi has been growing, and Coinbase -- which currently offers a variety of services, including trading of bitcoin , meme asset dogecoin and Ether -- wants to expand its fee-generating offerings as a publicly traded company.</p><p><blockquote>加密货币专业人士表示，DeFi一直在增长，Coinbase目前提供多种服务，包括比特币、模因资产狗狗币和以太币的交易，希望作为一家上市公司扩大其收费产品。</blockquote></p><p> Similar to the stock market, the coins that are lent out by customers can facilitate speculation via crypto derivatives and other products.</p><p><blockquote>与股票市场类似，客户借出的硬币可以通过加密衍生品和其他产品促进投机。</blockquote></p><p> In the eyes of the SEC, however, the lending program securitizes the crypto, with the interest passed on to the customer, similar to how a bond pays interest to a holder or how a stock pays dividends.</p><p><blockquote>然而，在美国证券交易委员会看来，贷款计划将加密货币证券化，利息转嫁给客户，类似于债券向持有人支付利息或股票支付股息的方式。</blockquote></p><p> Armstrong, in a series of tweets, made the case that the SEC, run by Gary Gensler, who took the reins of the regulatory body in the middle of April, hasn't made clear its position on what is and isn't a security.</p><p><blockquote>阿姆斯特朗在一系列推文中表示，由加里·詹斯勒(Gary Gensler)领导的美国证券交易委员会(SEC)尚未明确其对什么是证券、什么不是证券的立场。</blockquote></p><p> However, at least one former regulator said that the SEC has been crystal clear on its stance on the matter.</p><p><blockquote>然而，至少一位前监管机构表示，美国证券交易委员会在此事上的立场非常明确。</blockquote></p><p> \"When does a crypto asset become a security? When you start lending it out,\" Amy Lynch, a former SEC regulator and president of FrontLine Compliance, told MarketWatch in a phone interview Wednesday afternoon.</p><p><blockquote>“加密资产什么时候成为证券？当你开始将其借出时，”前SEC监管机构兼FrontLine Compliance总裁艾米·林奇(Amy Lynch)在周三下午接受MarketWatch电话采访时表示。</blockquote></p><p> Coinbase had planned to eventually expand its crypto lending program to other assets outside of USD Coin.</p><p><blockquote>Coinbase曾计划最终将其加密贷款计划扩展到美元硬币以外的其他资产。</blockquote></p><p> Lynch said she advises that companies that offer crypto lending services register with the SEC or go through a broker/dealer to comply with regulatory rules.</p><p><blockquote>林奇表示，她建议提供加密货币借贷服务的公司向SEC注册或通过经纪人/交易商遵守监管规则。</blockquote></p><p> For example, Gemini partners with crypto lender Genesis, a subsidiary of Digital Currency Group. In that case, Gemini, owned by twins Cameron and Tyler Winklevoss, collects part of the spread between interest paid on the crypto and interest Genesis charges on its loans to institutions.</p><p><blockquote>例如，Gemini与加密货币贷款机构Genesis合作，Genesis是数字货币集团的子公司。在这种情况下，双胞胎卡梅伦·文克莱沃斯(Cameron Winklevoss)和泰勒·文克莱沃斯(Tyler Winklevoss)拥有的Gemini会收取加密货币支付的利息与Genesis向机构贷款收取的利息之间的部分利差。</blockquote></p><p> Lynch said Coinbase may not be eager to establish such an arrangement because it would mean sharing fees.</p><p><blockquote>Lynch表示，Coinbase可能并不急于建立这样的安排，因为这意味着分摊费用。</blockquote></p><p> \"If the SEC decided that this is an area of concern, they are going to start looking more closely at the firms that do this,\" she said.</p><p><blockquote>“如果美国证券交易委员会认为这是一个值得关注的领域，他们将开始更密切地关注这样做的公司，”她说。</blockquote></p><p> Indeed, The Wall Street Journal recently reported that the SEC sent letters to companies seeking information about crypto lending platforms. MarketWatch's sister publication reported that the regulator sought information, including on whether digital assets being offered are securities that should be registered.</p><p><blockquote>事实上，《华尔街日报》最近报道称，美国证券交易委员会致函公司，寻求有关加密借贷平台的信息。MarketWatch的姊妹刊物报道称，监管机构寻求信息，包括所提供的数字资产是否是应注册的证券。</blockquote></p><p> R.A. Farrokhnia, a professor at Columbia Business School, said Coinbase represents financial innovation and that regulation should not stifle the \"new new thing.\"</p><p><blockquote>R.A.哥伦比亚商学院教授Farrokhnia表示，Coinbase代表着金融创新，监管不应扼杀“新的新事物”。</blockquote></p><p> \"What you are witnessing is the evolution of crypto, and specifically the next phase is decentralized finance,\" Farrokhnia said.</p><p><blockquote>“你正在目睹的是加密货币的演变，特别是下一阶段是去中心化金融，”Farrokhnia说。</blockquote></p><p> \"Regrettably, despite crypto being in our financial ecosystem for the past several years, there hasn't been a clear-cut regulatory framework...indicating what's allowed and what isn't allowed,\" he said.</p><p><blockquote>“遗憾的是，尽管过去几年加密货币一直存在于我们的金融生态系统中，但一直没有明确的监管框架……表明什么是允许的，什么是不允许的，”他说。</blockquote></p><p> \"So, this lack of regulatory clarity on what exactly is considered a security under the existing framework...[without the] creation of brand-new regulation, custom-made for our new reality, is causing all sorts of confusion,\" Farrokhnia said, explaining that he believes the SEC should express greater willingness to collaborate with the nascent crypto industry.</p><p><blockquote>Farrokhnia表示：“因此，在现有框架下，对于什么是证券的监管缺乏明确性……[没有]为我们的新现实量身定制的全新监管，正在造成各种混乱。”他解释说，他认为美国证券交易委员会应该表达与新兴加密货币行业合作的更大意愿。</blockquote></p><p> Gensler, who has trained the SEC's focus on investor protections -- perhaps more than any other regulator to date -- has openly said that he also aims to upgrade crypto rules.</p><p><blockquote>詹斯勒让美国证券交易委员会更加关注投资者保护——也许迄今为止比任何其他监管机构都多——他公开表示，他还计划升级加密货币规则。</blockquote></p><p> \"To the extent that something is a security, the SEC has a lot of authority. And a lot of crypto tokens -- I won't call them cryptocurrencies for this moment -- are indeed securities,\" Gensler told CNBC during an interview back in May.</p><p><blockquote>Gensler在接受CNBC采访时表示：“就某种东西是证券而言，SEC拥有很大的权力。而且很多加密代币——我暂时不会将它们看涨期权为加密货币——确实是证券。”回到五月。</blockquote></p><p> \"We need to update and freshen our rules to ensure that, while retail investors and any individual has First Amendment rights to speak and so forth, that they're not misleading the public, they're not manipulating the public, manipulating the markets,\" he said.</p><p><blockquote>“我们需要更新和更新我们的规则，以确保虽然散户投资者和任何个人都拥有第一修正案的发言权等，但他们不会误导公众，也不会操纵公众、操纵市场，”他说。</blockquote></p><p></p><p> Lynch said the SEC's stance on Coinbase's lending may be influenced by a recent lawsuit against BitConnect, which offered its own digital security in 2016 in exchange for bitcoin and created an automated program that made money by trading the contributed bitcoin. Investors thought profits were being shared but the SEC alleges that the program was an elaborate Ponzi scheme.</p><p><blockquote>Lynch表示，SEC对Coinbase贷款的立场可能会受到最近针对BitConnect的诉讼的影响，BitConnect在2016年提供了自己的数字安全以换取比特币，并创建了一个通过交易贡献的比特币赚钱的自动化程序。投资者认为利润正在被分享，但美国证券交易委员会声称该计划是一个精心策划的庞氏骗局。</blockquote></p><p> Coinbase shares on Wednesday finished down 3.2% and are down 7.3% for the week, compared with a weekly decline for the Dow Jones Industrial Average and the S&P 500 index of 0.5% and 1%, respectively.</p><p><blockquote>Coinbase股价周三收盘下跌3.2%，本周下跌7.3%，而道琼斯工业平均指数和标普500指数的周跌幅分别为0.5%和1%。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here's why Coinbase is in hot water over crypto lending -- and how the SEC is sending a shot across the bow for DeFi<blockquote>这就是Coinbase因加密货币借贷而陷入困境的原因，以及SEC如何向DeFi发起攻击</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHere's why Coinbase is in hot water over crypto lending -- and how the SEC is sending a shot across the bow for DeFi<blockquote>这就是Coinbase因加密货币借贷而陷入困境的原因，以及SEC如何向DeFi发起攻击</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-09-09 10:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Coinbase Global finds itself in a dust-up with its top regulator over lending practices that the Securities and Exchange Commission says run afoul of existing securities rules.</p><p><blockquote>Coinbase Global发现自己与最高监管机构就贷款行为发生争执，美国证券交易委员会称这些行为违反了现有的证券规则。</blockquote></p><p> Brian Armstrong, the outspoken chief executive of Coinbase, late Tuesday disclosed that the crypto platform is being investigated over a lending program that allows customers holding Circle's USD stablecoin -- an asset intended to serve as a digital dollar -- to earn interest of around 4% APY, by lending it to Coinbase, which in turn lends it to traders.</p><p><blockquote>Coinbase直言不讳的首席执行官布莱恩·阿姆斯特朗(Brian Armstrong)周二晚间透露，该加密货币平台正在接受一项贷款计划的调查，该计划允许持有Circle美元稳定币（一种旨在充当数字美元的资产）的客户赚取约4%的利息年利率，将其借给Coinbase，Coinbase又将其借给交易员。</blockquote></p><p> Crypto experts and financial specialists explained to MarketWatch that the legal dispute could be one that establishes clearer rules for the burgeoning segment of the digital-asset market known as decentralized finance, or DeFi, where investors lend out digital coins to earn additional fee income.</p><p><blockquote>加密货币专家和金融专家向MarketWatch解释说，这场法律纠纷可能会为被称为去中心化金融（DeFi）的数字资产市场的新兴领域制定更明确的规则，投资者借出数字硬币以赚取额外的费用收入。</blockquote></p><p> Crypto professionals say that DeFi has been growing, and Coinbase -- which currently offers a variety of services, including trading of bitcoin , meme asset dogecoin and Ether -- wants to expand its fee-generating offerings as a publicly traded company.</p><p><blockquote>加密货币专业人士表示，DeFi一直在增长，Coinbase目前提供多种服务，包括比特币、模因资产狗狗币和以太币的交易，希望作为一家上市公司扩大其收费产品。</blockquote></p><p> Similar to the stock market, the coins that are lent out by customers can facilitate speculation via crypto derivatives and other products.</p><p><blockquote>与股票市场类似，客户借出的硬币可以通过加密衍生品和其他产品促进投机。</blockquote></p><p> In the eyes of the SEC, however, the lending program securitizes the crypto, with the interest passed on to the customer, similar to how a bond pays interest to a holder or how a stock pays dividends.</p><p><blockquote>然而，在美国证券交易委员会看来，贷款计划将加密货币证券化，利息转嫁给客户，类似于债券向持有人支付利息或股票支付股息的方式。</blockquote></p><p> Armstrong, in a series of tweets, made the case that the SEC, run by Gary Gensler, who took the reins of the regulatory body in the middle of April, hasn't made clear its position on what is and isn't a security.</p><p><blockquote>阿姆斯特朗在一系列推文中表示，由加里·詹斯勒(Gary Gensler)领导的美国证券交易委员会(SEC)尚未明确其对什么是证券、什么不是证券的立场。</blockquote></p><p> However, at least one former regulator said that the SEC has been crystal clear on its stance on the matter.</p><p><blockquote>然而，至少一位前监管机构表示，美国证券交易委员会在此事上的立场非常明确。</blockquote></p><p> \"When does a crypto asset become a security? When you start lending it out,\" Amy Lynch, a former SEC regulator and president of FrontLine Compliance, told MarketWatch in a phone interview Wednesday afternoon.</p><p><blockquote>“加密资产什么时候成为证券？当你开始将其借出时，”前SEC监管机构兼FrontLine Compliance总裁艾米·林奇(Amy Lynch)在周三下午接受MarketWatch电话采访时表示。</blockquote></p><p> Coinbase had planned to eventually expand its crypto lending program to other assets outside of USD Coin.</p><p><blockquote>Coinbase曾计划最终将其加密贷款计划扩展到美元硬币以外的其他资产。</blockquote></p><p> Lynch said she advises that companies that offer crypto lending services register with the SEC or go through a broker/dealer to comply with regulatory rules.</p><p><blockquote>林奇表示，她建议提供加密货币借贷服务的公司向SEC注册或通过经纪人/交易商遵守监管规则。</blockquote></p><p> For example, Gemini partners with crypto lender Genesis, a subsidiary of Digital Currency Group. In that case, Gemini, owned by twins Cameron and Tyler Winklevoss, collects part of the spread between interest paid on the crypto and interest Genesis charges on its loans to institutions.</p><p><blockquote>例如，Gemini与加密货币贷款机构Genesis合作，Genesis是数字货币集团的子公司。在这种情况下，双胞胎卡梅伦·文克莱沃斯(Cameron Winklevoss)和泰勒·文克莱沃斯(Tyler Winklevoss)拥有的Gemini会收取加密货币支付的利息与Genesis向机构贷款收取的利息之间的部分利差。</blockquote></p><p> Lynch said Coinbase may not be eager to establish such an arrangement because it would mean sharing fees.</p><p><blockquote>Lynch表示，Coinbase可能并不急于建立这样的安排，因为这意味着分摊费用。</blockquote></p><p> \"If the SEC decided that this is an area of concern, they are going to start looking more closely at the firms that do this,\" she said.</p><p><blockquote>“如果美国证券交易委员会认为这是一个值得关注的领域，他们将开始更密切地关注这样做的公司，”她说。</blockquote></p><p> Indeed, The Wall Street Journal recently reported that the SEC sent letters to companies seeking information about crypto lending platforms. MarketWatch's sister publication reported that the regulator sought information, including on whether digital assets being offered are securities that should be registered.</p><p><blockquote>事实上，《华尔街日报》最近报道称，美国证券交易委员会致函公司，寻求有关加密借贷平台的信息。MarketWatch的姊妹刊物报道称，监管机构寻求信息，包括所提供的数字资产是否是应注册的证券。</blockquote></p><p> R.A. Farrokhnia, a professor at Columbia Business School, said Coinbase represents financial innovation and that regulation should not stifle the \"new new thing.\"</p><p><blockquote>R.A.哥伦比亚商学院教授Farrokhnia表示，Coinbase代表着金融创新，监管不应扼杀“新的新事物”。</blockquote></p><p> \"What you are witnessing is the evolution of crypto, and specifically the next phase is decentralized finance,\" Farrokhnia said.</p><p><blockquote>“你正在目睹的是加密货币的演变，特别是下一阶段是去中心化金融，”Farrokhnia说。</blockquote></p><p> \"Regrettably, despite crypto being in our financial ecosystem for the past several years, there hasn't been a clear-cut regulatory framework...indicating what's allowed and what isn't allowed,\" he said.</p><p><blockquote>“遗憾的是，尽管过去几年加密货币一直存在于我们的金融生态系统中，但一直没有明确的监管框架……表明什么是允许的，什么是不允许的，”他说。</blockquote></p><p> \"So, this lack of regulatory clarity on what exactly is considered a security under the existing framework...[without the] creation of brand-new regulation, custom-made for our new reality, is causing all sorts of confusion,\" Farrokhnia said, explaining that he believes the SEC should express greater willingness to collaborate with the nascent crypto industry.</p><p><blockquote>Farrokhnia表示：“因此，在现有框架下，对于什么是证券的监管缺乏明确性……[没有]为我们的新现实量身定制的全新监管，正在造成各种混乱。”他解释说，他认为美国证券交易委员会应该表达与新兴加密货币行业合作的更大意愿。</blockquote></p><p> Gensler, who has trained the SEC's focus on investor protections -- perhaps more than any other regulator to date -- has openly said that he also aims to upgrade crypto rules.</p><p><blockquote>詹斯勒让美国证券交易委员会更加关注投资者保护——也许迄今为止比任何其他监管机构都多——他公开表示，他还计划升级加密货币规则。</blockquote></p><p> \"To the extent that something is a security, the SEC has a lot of authority. And a lot of crypto tokens -- I won't call them cryptocurrencies for this moment -- are indeed securities,\" Gensler told CNBC during an interview back in May.</p><p><blockquote>Gensler在接受CNBC采访时表示：“就某种东西是证券而言，SEC拥有很大的权力。而且很多加密代币——我暂时不会将它们看涨期权为加密货币——确实是证券。”回到五月。</blockquote></p><p> \"We need to update and freshen our rules to ensure that, while retail investors and any individual has First Amendment rights to speak and so forth, that they're not misleading the public, they're not manipulating the public, manipulating the markets,\" he said.</p><p><blockquote>“我们需要更新和更新我们的规则，以确保虽然散户投资者和任何个人都拥有第一修正案的发言权等，但他们不会误导公众，也不会操纵公众、操纵市场，”他说。</blockquote></p><p></p><p> Lynch said the SEC's stance on Coinbase's lending may be influenced by a recent lawsuit against BitConnect, which offered its own digital security in 2016 in exchange for bitcoin and created an automated program that made money by trading the contributed bitcoin. Investors thought profits were being shared but the SEC alleges that the program was an elaborate Ponzi scheme.</p><p><blockquote>Lynch表示，SEC对Coinbase贷款的立场可能会受到最近针对BitConnect的诉讼的影响，BitConnect在2016年提供了自己的数字安全以换取比特币，并创建了一个通过交易贡献的比特币赚钱的自动化程序。投资者认为利润正在被分享，但美国证券交易委员会声称该计划是一个精心策划的庞氏骗局。</blockquote></p><p> Coinbase shares on Wednesday finished down 3.2% and are down 7.3% for the week, compared with a weekly decline for the Dow Jones Industrial Average and the S&P 500 index of 0.5% and 1%, respectively.</p><p><blockquote>Coinbase股价周三收盘下跌3.2%，本周下跌7.3%，而道琼斯工业平均指数和标普500指数的周跌幅分别为0.5%和1%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/heres-why-coinbase-is-in-hot-water-over-crypto-lending-and-how-the-sec-is-sending-a-shot-across-the-bow-for-defi-11631135059?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.marketwatch.com/story/heres-why-coinbase-is-in-hot-water-over-crypto-lending-and-how-the-sec-is-sending-a-shot-across-the-bow-for-defi-11631135059?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2166397137","content_text":"Coinbase Global finds itself in a dust-up with its top regulator over lending practices that the Securities and Exchange Commission says run afoul of existing securities rules.\nBrian Armstrong, the outspoken chief executive of Coinbase, late Tuesday disclosed that the crypto platform is being investigated over a lending program that allows customers holding Circle's USD stablecoin -- an asset intended to serve as a digital dollar -- to earn interest of around 4% APY, by lending it to Coinbase, which in turn lends it to traders.\nCrypto experts and financial specialists explained to MarketWatch that the legal dispute could be one that establishes clearer rules for the burgeoning segment of the digital-asset market known as decentralized finance, or DeFi, where investors lend out digital coins to earn additional fee income.\nCrypto professionals say that DeFi has been growing, and Coinbase -- which currently offers a variety of services, including trading of bitcoin , meme asset dogecoin and Ether -- wants to expand its fee-generating offerings as a publicly traded company.\nSimilar to the stock market, the coins that are lent out by customers can facilitate speculation via crypto derivatives and other products.\nIn the eyes of the SEC, however, the lending program securitizes the crypto, with the interest passed on to the customer, similar to how a bond pays interest to a holder or how a stock pays dividends.\nArmstrong, in a series of tweets, made the case that the SEC, run by Gary Gensler, who took the reins of the regulatory body in the middle of April, hasn't made clear its position on what is and isn't a security.\nHowever, at least one former regulator said that the SEC has been crystal clear on its stance on the matter.\n\"When does a crypto asset become a security? When you start lending it out,\" Amy Lynch, a former SEC regulator and president of FrontLine Compliance, told MarketWatch in a phone interview Wednesday afternoon.\nCoinbase had planned to eventually expand its crypto lending program to other assets outside of USD Coin.\nLynch said she advises that companies that offer crypto lending services register with the SEC or go through a broker/dealer to comply with regulatory rules.\nFor example, Gemini partners with crypto lender Genesis, a subsidiary of Digital Currency Group. In that case, Gemini, owned by twins Cameron and Tyler Winklevoss, collects part of the spread between interest paid on the crypto and interest Genesis charges on its loans to institutions.\nLynch said Coinbase may not be eager to establish such an arrangement because it would mean sharing fees.\n\"If the SEC decided that this is an area of concern, they are going to start looking more closely at the firms that do this,\" she said.\nIndeed, The Wall Street Journal recently reported that the SEC sent letters to companies seeking information about crypto lending platforms. MarketWatch's sister publication reported that the regulator sought information, including on whether digital assets being offered are securities that should be registered.\nR.A. Farrokhnia, a professor at Columbia Business School, said Coinbase represents financial innovation and that regulation should not stifle the \"new new thing.\"\n\"What you are witnessing is the evolution of crypto, and specifically the next phase is decentralized finance,\" Farrokhnia said.\n\"Regrettably, despite crypto being in our financial ecosystem for the past several years, there hasn't been a clear-cut regulatory framework...indicating what's allowed and what isn't allowed,\" he said.\n\"So, this lack of regulatory clarity on what exactly is considered a security under the existing framework...[without the] creation of brand-new regulation, custom-made for our new reality, is causing all sorts of confusion,\" Farrokhnia said, explaining that he believes the SEC should express greater willingness to collaborate with the nascent crypto industry.\nGensler, who has trained the SEC's focus on investor protections -- perhaps more than any other regulator to date -- has openly said that he also aims to upgrade crypto rules.\n\"To the extent that something is a security, the SEC has a lot of authority. And a lot of crypto tokens -- I won't call them cryptocurrencies for this moment -- are indeed securities,\" Gensler told CNBC during an interview back in May.\n\"We need to update and freshen our rules to ensure that, while retail investors and any individual has First Amendment rights to speak and so forth, that they're not misleading the public, they're not manipulating the public, manipulating the markets,\" he said.\nLynch said the SEC's stance on Coinbase's lending may be influenced by a recent lawsuit against BitConnect, which offered its own digital security in 2016 in exchange for bitcoin and created an automated program that made money by trading the contributed bitcoin. Investors thought profits were being shared but the SEC alleges that the program was an elaborate Ponzi scheme.\nCoinbase shares on Wednesday finished down 3.2% and are down 7.3% for the week, compared with a weekly decline for the Dow Jones Industrial Average and the S&P 500 index of 0.5% and 1%, respectively.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":1277,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":25,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/883003406"}
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