While SEC rules are hazy, Coinbase’s Lend product likely does constitute a security; to avoid SEC oversight, Coinbase would need to be regulated like a bank (Matt Levine/Bloomberg)

While SEC rules are hazy, Coinbase’s Lend product likely does constitute a security; to avoid SEC oversight, Coinbase would need to be regulated like a bank (Matt Levine/Bloomberg)

Matt Levine / Bloomberg:
While SEC rules are hazy, Coinbase’s Lend product likely does constitute a security; to avoid SEC oversight, Coinbase would need to be regulated like a bank  —  Is lending your Bitcoins a security?  —  Oh, sure, yes, absolutely.  The rule in the U.S. is that an “investment contract,” …