Coinbase has dropped plans for its crypto lending program after pushback from the Securities and Exchange Commission.
The product, called Lend, had come under fire from the SEC, which deemed it a security. It was designed for users to earn interest by lending out their crypto assets.
In an update to its blog post on the program, Coinbase, now says it is not launching the service, which it called USDC APY.
"As we continue our work to seek regulatory clarity for the crypto industry as a whole, we've made the difficult decision not to launch the USDC APY program announced below," the company wrote. "We have also discontinued the waitlist for this program as we turn our work to what comes next."