The US regulator is putting strong pressure on the entire cryptocurrency market and could bring Bitcoin down.
On Wednesday, reports emerged that if Coinbase launches USD Coin (USDC) -based crypto-saving accounts at 4%, the SEC will begin to prosecute the exchange for treating such accounts as securities.
The US regulator made such a statement after the exchange announced the launch of the Lend lending service. The new service will offer higher interest rates than traditional banks.
Coinbase CEO refused to meet with the SEC, although the exchange has received public status. It is worth noting that the SEC uses “intimidation behind closed doors” tactics, instead of explicitly stating its position and giving clear signals to the entire cryptocurrency industry.
The SEC is already investigating the activities of Uniswap Labs, the developer of the largest decentralized exchange for exchanging cryptocurrencies. The exchange allows exchanging tokens on the Ethereum blockchain without using centralized order books.
The SEC announced last month that it will begin regulating many DeFi projects. Already, the American regulator is collecting information about various participants in the DeFi industry.
Experts note that the US authorities are following a path similar to the Chinese way of regulating the cryptocurrency market. Against the backdrop of US pressure, Bitcoin and other cryptocurrencies could weaken, which will be a good opportunity for the next upward movement.
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