The digital currency broker Coinbase stated in this Wednesday (08) that the SEC, the US CVM, intends to sue the company if it launches a cryptocurrency loan program that would allow its clients to receive interest when lending the assets.
This news hit the market in full. cryptocurrencies. Around 9:40 am, the bitcoin (BTC) gave in 8.31%, quoted at $46,556.62 (BRL 242,645.40). The main cryptocurrency of the market even accumulated loss of 9% in the last 24 hours.
Coinbase vs. SEC
This threat of lawsuit by SEC caused a delay of up to two months in the plans of the Coinbase. The exchange has been in negotiations with the regulator for at least six months and is expected to announce the launch of its loan program in october this year.
According to the SEC, loans in cryptocurrencies cannot be considered financial products because the agency itself does not recognize cryptoactive as financial assets, main point of disagreement with the Coinbase.
“Although the Coinbase keep its lending program out of the market and provide detailed information, the SEC still doesn’t explain why it sees a problem,” said the broker’s general counsel, Paul Grewal, in the statement released today.
Below, we will also talk about the instabilities of bitcoin as the official currency of El Salvador, but it is worth noting that we explained on our Instagram how this initiative will take place in practice.
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Instability in systems
As if that wasn’t enough, the main exchanges in the United States faced instability this Wednesday morning (08). Besides the Coinbase, Kraken, Gemini and others cryptocurrency brokers they even went off the air for some time.
In a note, the exchanges stated that they have normalized operations. According to data from “The Block Research”, brokerages cryptocurrencies moved about $1.28 trillion only in August, with the Coinbase having the largest share in this market.
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SEC vs. Uniswap (UNI)
In addition, the SEC has its eye on DeFis’ biggest trading platform, decentralized finance. THE Uniswap (UNI) falls 24.87% in the week and 10.96% only today, quoted at US$23.14 (BRL 120.36).
Last Friday (03), “The Wall Street Journal” stated that the platform is being investigated by the SEC, which wants to know how tokens work and how they are marketed UNI. In a statement, Uniswap Labs, developer of Uniswap, says it is collaborating with authorities.
El Salvador: a nightmare in the middle of a dream
The icing on the cake for the perfect storm in the world of cryptocurrencies this Wednesday was the adoption of the bitcoin (BTC) as one of the official currencies of El Salvador.
The Central American country made history by being the first nation in the world to have the cryptocurrency as official currency. However, there was a problem downloading the country’s cryptocurrency wallet, called “chivo”.
Transactions, transfers and other portfolio facilities also suffered instability in this Wednesday. Even so, the adoption of bitcoin (BTC) as the country’s official currency is viewed favorably by analysts.
The large amount of transactions and instability problems indicate that the population bought the idea of using a cryptocurrency in their daily lives.
You can check out the analysis of bitcoin adoption by El Salvador in this matter or in our Crypto Chat #001, available on YouTube (take the opportunity to sign up there):