Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Cryptocurrency

8 Sept 2021

Coinbase Being Sued by SEC over Crypto Program

The Index Today

Coinbase Global Inc has been threatened with legal action from The U.S Securities and Exchange Commission SEC if it continues to launch its crypto asset program. This program is designed to allow users to earn interest by lending crypto assets.
The U.S Securities and Exchange Commission SEC has already issued a wells notice to Coinbase which is confirm they will be suing the company in court. Coinbase is expected to delay its launch till October at the very least.
Cryptocurrency lending programs are gaining popularity around the globe. However, regulators have come forward with concerns about the program and existing securities laws. Cryptocurrency platform BlockFi Inc was ordered to stop offering its interest accounts which previously raised $14.7 billion.
Paul Grewal, chief legal officer said that SEC’s concerns regarding Coinbase were due to the fact that regulators believed it involved a security. Paul went on to say that this was not the case.

©Photo: blog.coinbase

Clay pottery with table linens