I'm John Fort. You're listening to CNVC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in.

Good Wednesday morning. Welcome to Tech Check. I'm Carl Kintania with John Ford and Julia Borsden.

Coming up on the show today, it's story time. Coinbase calls the SEC sketchy as they receive a

well's notice over their lend program. Plus PayPal pays now more on their

$2.7 billion acquisition in the Buy Now Pay Later space. And then California streaming, Apple

announcing new products will be unveiled next week, and we have what to expect. Julia.

And shares of Coinbase moving lower this morning after the company said it has received a

well's notice from the SEC over a product they call Coinbase Lend. Lend would allow users to earn

interest by lending their crypto assets. Now those plans have been put on hold until at least

October. Coinbase says they're caught off guard by the SEC's actions.

CEO Brian Armstrong tweeting that the SEC refused to meet with him in May during a trip

to Washington, D.C., saying they weren't meeting with any crypto companies at all.

The stock heading back towards its direct listing price now up less than 5% since going public in April.

John, what do you make of Armstrong taking this relatively aggressive stance?

And do we think Lend is going to be able to launch it all?

Well, I think Julia in a way that makes sense to take an aggressive stance because he wants

to move his product forward. He's had this thing in the pipeline.

He tried to meet with the SEC. They wouldn't meet with him. Meanwhile, competitors who aren't

public are already doing the same thing. But look, I can also see why the SEC might be a little

where. I mean, this is the sort of product that my mother would tell you not to go into these.

I mean, yields of 4% when banks are offering so much less.

And they guarantee the principle, but just the principal.

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