Coinbase CEO tweeted to complain about the SEC's intimidation tactics and demanded more clarity for the crypto space

Coinbase CEO Brian Armstrong tweeted to complain that the U.S. Securities and Exchange Commission (SEC) refused to actively communicate with Coinbase about Coinbase Lend.

Brian Armstrong said, “Coinbase proactively and informally reported to the SEC before officially launching Coinbase Lend, but the SEC insisted that it was a security and subpoenaed the company and asked Coinbase employees to provide testimony. After Coinabase complied with these requirements, the SEC said without any explanation that it would file a lawsuit if it insisted on launching Coinbae Lend.

Coinbase has refused to provide any input to the crypto industry in writing and has instead resorted to intimidation tactics. If we end up in court, we may finally gain regulatory clarity. Meanwhile, other companies in the crypto space continue to offer lending services. Hopefully, the SEC will be able to create more clarity for the crypto space rather than harm the interests of consumers and crypto companies.”