Skip to content

Real Cryptocurrency Hub

Crypto Comeback Pro is an auto trading platform that allows you to invest in the crypto market and start making money right away. Sign Up HERE

  • Home
  • Start Trading
  • English
    • English
    • Español
    • Italiano
    • Polski
    • Svenska
    • Deutsch
  • News
  • Mining
  • ATM
  • Bitcoin (BTC)
  • Guides
  • How To’s
  • Exchange/Wallet
  • Brokers
  • Bitcoin Price Prediction
  • Home
  • Crypto News
  • Coinbase Defies The SEC, Continues Its APY Credit Program
  • Crypto News
  • Crypto Token
  • Trading

Coinbase Defies The SEC, Continues Its APY Credit Program

Myron Hamilton December 14, 2021 3 min read

Following a public stand-off with the Securities and Exchange Commission (SEC) over its pilot APY credit program, Coinbase, America’s largest cryptocurrency exchange, is moving forward with the program despite announcing earlier in September that they would submit to the regulatory body.

The service that the plans to avail will see its customers make up to 5% ROI just for depositing and trading the Defi NFT marketplace. Compound through its proprietary mobile app.

How The Program Works

The crux of the program’s framework is to enable users to earn while they deposit and trade simultaneously. The stablecoin that will feature this utility is the DAI stablecoin pegged to the US dollar.

What Coinbase does is that it will enable users to access the Defi market space through their mobile app. The app will serve as a gateway to NFT based Compound Finance. Compound Finance is an individual NFT market space that allows users to sell, buy and HODL their NFT collectables and cryptocurrency tokens.

The DAI token deposited by users will be sent to Compound automatically by the system. The interest the exchange provides reflects the interest provided by Compound, which varies monthly. The interest fluctuated between 2.83% and 5.39% in October.

In hindsight, the service process provided is a process that the users themselves can efficiently complete. To better understand the previous statement, we can draw parallels with the following analogy: John wants to eat KFC chicken. He can easily get up from his place and take transport to a KFC outlet to purchase the chicken and eat.

But in the case of a readily accessible delivery service, John will most likely prefer to order from such delivery service and eat in the comfort of his home whilst skipping the transportation process, especially if the service is ‘virtually free’.

Coinbase’s deposit and earn program can be compared to the delivery service, delivering a service process that anyone can execute. The only difference is the whole process has been simplified into a click of a button on the mobile app. It also offers a ‘free of charge’ transaction fee, opposite from the Defi expensive transaction fees.

Coinbase did not delve deeper into the detailed framework of the program. The insurance of the deposited Dai stablecoin was not adequately defined; in the large scheme of things, such insurance doesn’t change anything.  

Coinbase’s Plan And Its Initial Withdrawal

Earlier this year, the US-based exchange rolled out plans to launch a credit program that will provide credit facilities to American’s exclusively. 

The exchange subsequently anchored various promotion programs and performed a very extensive rally that saw hundreds of thousands of Americans turn up and successfully pre-register for the service.

Coinbase recalled all its plans a few months later, citing regulation issues with the US Security and Exchange Commission (SEC).

However, the exchange didn’t give up on its plans, announcing later in December that it would launch the service that was supposed to be available in only the US, for over 70 international countries globally.

Coinbase Defies The SEC

In today’s development, Coinbase has decided to undermine the SEC as it plans to launch the APY credit programe in a roundabout manner, taking advantage of unclear regulations.

It is possible for the SEC to fine and regulate Coinbase if it carries on with the programe launch. However, the exchange has revealed its intention to fight the regulator in the Court of law.

Coinbase has voiced out to other crypto assets firms in the US like Ripple and Terra, urging them to make sure that when they are in similar situations, they should decide to go to Court for resolution, rather than giving in to the ‘egoistical’ SEC. 

Post Views: 288

Continue Reading

Previous: A Man Steals A Bitcoin ATM In Barcelona
Next: MEETONE, FLX, DXO, and RISE among Top Performing DApp Tokens in Past 24-hours

Related Stories

Terra Experienced a 23.67% Price Plummet and May Dip to $32.36, Price Analysis
2 min read
  • Altcoins
  • Crypto News
  • Price Analysis
  • Terra (LUNA)

Terra Experienced a 23.67% Price Plummet and May Dip to $32.36, Price Analysis

May 15, 2022
ShibaInu Experiences a 17.17% Surge but Still Far from Bullish Trend
2 min read
  • Altcoins
  • Crypto News
  • Price Analysis

ShibaInu Experiences a 17.17% Surge but Still Far from Bullish Trend

May 14, 2022
Price Analysis of extraDNA (XDNA), Maneki-neko (NEKI), and Gleec (GLEEC)
2 min read
  • Altcoins
  • Crypto News
  • Price Analysis

Price Analysis of extraDNA (XDNA), Maneki-neko (NEKI), and Gleec (GLEEC)

May 13, 2022

Read our disclaimer

Name Price24H (%)
bitcoin
Bitcoin (BTC)
$29,651.00
-1.62%
ethereum
Ethereum (ETH)
$2,011.29
-3.30%
tether
Tether (USDT)
$1.00
-0.17%
usd-coin
USD Coin (USDC)
$1.00
-0.34%
binancecoin
BNB (BNB)
$295.57
-1.72%
ripple
XRP (XRP)
$0.417468
-2.86%
cardano
Cardano (ADA)
$0.56
0.33%
polkadot
Polkadot (DOT)
$10.61
-2.64%
dogecoin
Dogecoin (DOGE)
$0.086954
-3.43%
Uniswap
Uniswap (UNI)
$5.02
-5.00%

Recent Posts

  • Terra Experienced a 23.67% Price Plummet and May Dip to $32.36, Price Analysis

    Terra Experienced a 23.67% Price Plummet and May Dip to $32.36, Price Analysis

    At the time of writing, the buyers are trying to defend a low trading price of Terra (LUNA)
  • ShibaInu Experiences a 17.17% Surge but Still Far from Bullish Trend

    ShibaInu Experiences a 17.17% Surge but Still Far from Bullish Trend

    If you are into the meme coins then it goes without saying that you are well aware of
  • Price Analysis of extraDNA (XDNA), Maneki-neko (NEKI), and Gleec (GLEEC)

    Price Analysis of extraDNA (XDNA), Maneki-neko (NEKI), and Gleec (GLEEC)

    Time to go through the price analysis of extraDNA, Maneki-neko, and Gleec. The reason behind their price analysis
  • Price Analysis of Gera Coin (GERA) and CouponBay (CUP)

    Price Analysis of Gera Coin (GERA) and CouponBay (CUP)

    Gera Coin and CouponBay have reportedly experienced huge rallies in the past 24-hours. Both Gera Coin and CouponBay
  • Price Analysis of Meta Course (COURSE), CroNodes (CRN), and Stabledoc (SDT)

    Price Analysis of Meta Course (COURSE), CroNodes (CRN), and Stabledoc (SDT)

    Meta Course (COURSE) – 190.73% Surge The trading price of Meta Course was reportedly at a low of

Start Trading

Categories

Top Posts

  • Price Analysis for UFO Gaming (UFO) and Cocos-BCX (COCOS)

    Price Analysis for UFO Gaming (UFO) and Cocos-BCX (COCOS)

    At the time of writing, the price of UFO Gaming is 0.00002857 versus USDT. The data shows that
  • OKEx Lists MINA Token

    OKEx Lists MINA Token

    In its statement, OKEx, a crypto exchange platform, announced listing MINA, a Mina Protocol native coin. Keep in
  • Price Analysis of BITMIC (BMIC) and ASIX Token (ASIX)

    Price Analysis of BITMIC (BMIC) and ASIX Token (ASIX)

    BITMIC Grows at a Significant Rate In the past 24-hours, BITMIC (BMIC) has managed to achieve a really
  • Price Analysis of PENTA (PENTA), CyborgShiba (CHS), and Millennium Sapphire (MSTO)

    Price Analysis of PENTA (PENTA), CyborgShiba (CHS), and Millennium Sapphire (MSTO)

    In today’s cryptocurrency market, cryptocurrencies such as PENTA (PENTA), CyborgShiba (CHS), and Millennium Sapphire (MSTO) are observing high
  • CTmatador Review – A Recommended Crypto Broker

    CTmatador Review – A Recommended Crypto Broker

    CTmatador Review Everyone keeps talking about how simple online trading is, but that most people do not realize

Archives

You may have missed

Terra Experienced a 23.67% Price Plummet and May Dip to $32.36, Price Analysis
2 min read
  • Altcoins
  • Crypto News
  • Price Analysis
  • Terra (LUNA)

Terra Experienced a 23.67% Price Plummet and May Dip to $32.36, Price Analysis

May 15, 2022
ShibaInu Experiences a 17.17% Surge but Still Far from Bullish Trend
2 min read
  • Altcoins
  • Crypto News
  • Price Analysis

ShibaInu Experiences a 17.17% Surge but Still Far from Bullish Trend

May 14, 2022
Price Analysis of extraDNA (XDNA), Maneki-neko (NEKI), and Gleec (GLEEC)
2 min read
  • Altcoins
  • Crypto News
  • Price Analysis

Price Analysis of extraDNA (XDNA), Maneki-neko (NEKI), and Gleec (GLEEC)

May 13, 2022
Price Analysis of Gera Coin (GERA) and CouponBay (CUP)
2 min read
  • Altcoins
  • Crypto News
  • Price Analysis

Price Analysis of Gera Coin (GERA) and CouponBay (CUP)

May 12, 2022
  • Kraken
  • OrbitGTM
  • Fxoro
  • BTC-Trends
  • KuCoin
  • Huobi
  • Bitfinex
  • PrimeXBT
  • United Exchange
  • Impressive Area
  • DG Flex
  • Tredexo
  • Sure Exchange
  • CTmatador
  • DXCBIT
  • IBC Exchange
  • CryptoPayIn
  • PrimeHolders
  • CMC Markets
  • XCGIN
  • Globe Exchange
  • XPRTcoin
  • Mainrow
  • Goldvence
  • Gamma Capitals
  • Towards Soure
  • CoinsMarkets
  • Cryptos Circus
  • Easy Crypto4U
Copyright © All rights reserved. | DarkNews by AF themes.
  • bitcoinBitcoin(BTC)$29,651.00-1.62%
  • ethereumEthereum(ETH)$2,011.29-3.30%
  • tetherTether(USDT)$1.00-0.17%
  • usd-coinUSD Coin(USDC)$1.00-0.34%
  • binancecoinBNB(BNB)$295.57-1.72%
  • rippleXRP(XRP)$0.417468-2.86%
  • cardanoCardano(ADA)$0.560.33%
  • SolanaSolana(SOL)$52.60-3.16%
  • polkadotPolkadot(DOT)$10.61-2.64%
  • dogecoinDogecoin(DOGE)$0.086954-3.43%
  • bitcoin-cashBitcoin Cash(BCH)$199.23-3.47%
  • UniswapUniswap(UNI)$5.02-5.00%