SEC Threatens to Sue Coinbase Over its USDC Lending Feature

Cryptocurrency exchange Coinbase announced that the SEC is threatening to sue if it launches Lend. Lend is the platform’s feature that would give users 4% APY for USD Coin.

We shared this view and the details of Lend with the SEC. After our initial meeting, we answered all of the SEC’s questions in writing and then again in person. But we didn’t get much of a response. The SEC told us they consider Lend to involve a security, but wouldn’t say why or how they’d reached that conclusion.

They also asked for the name and contact information of every single person on our Lend waitlist.

That second part is particularly gross. Update: I think this is a nice write-up from Bloomberg on the matter.

Graph Blockchain Aims to Create 3D NFTs for Augmented Reality

New World Inc, a subsidiary of Graph Blockchain, announced its intention to create NFTs using 3D scanning. These allow them to be viewed in an immersive environment using AR/VR.

For example, Contributors can create holograms of their favorite athlete, fabricate an unconventional piece of furniture, design a high-end piece of clothing, or create abstract pieces of art, all derived from objects in the tangible world.

Brazilian singer, songwriter, and dancer Naldo Benny is the most recent celebrity to team up with New World to create an NFT through 3D scanning. Naldo tracked his signature dance moves and mannerisms that were translated into a digital avatar by New World’s creative team and sold as an NFT.

This seems cool to me, and more of what I envision NFTs to be: Virtual representations of physical objects.