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US SEC Asked To Reply In 10 Days To Coinbase Complaint

The US Securities and Exchange Commission (SEC) will reportedly reply within the next 10 days to a complaint filed by Coinbase over its lending product. Coinbase had announced plans to launch a lending product that would allow users to earn interest on their cryptocurrency holdings. However, the SEC recently threatened to sue Coinbase over the product, claiming that it constitutes a security and therefore requires regulatory approval. Coinbase has since pushed back against the SEC's claims, arguing that the lending product is not a security and does not fall under the SEC's jurisdiction. The outcome of the case is expected to have significant implications for the cryptocurrency industry as a whole, particularly in terms of regulatory clarity around the classification of digital assets.

(By Ashish Kumar)

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