Wrong. Nothing currently implemented in Coinbase Earn could be reasonably considered "lending". The article you linked is 2 years old and about Coinbase's prospective "Lend" product — which, as I understand it, never launched, perhaps because of a Wells notice submitted in 2021. This statement is about the one they've received more recently "regarding an unspecified portion of our listed digital assets, our staking service Coinbase Earn, Coinbase Prime, and Coinbase Wallet":
https://www.coinbase.com/blog/we-asked-the-sec-for-reasonabl...
I believe that's the first link. Most (if not exactly 100% of them) cryptocurrencies are securities as per howey test. Tron in particular, matt levine calls out, is clearly securities, among other things. Coinbase also listed a lot of other tokens that were also clearly securities.
I don't know why this is not clear.
I made it explicit between staking (you staking your own money) and doing it through Coinbase.
But the product Coinbase offers is staking.
You can go ahead and try staking your money yourself on the protocol. But do it through coinbase equation changes.
Also coinbase earn does defi yield (which is more clear cut securities), but i am in mexico now, and can't tell if this were the case in the US or i am seeing geofenced content.
>do it through coinbase equation changes
Why? It's still just staking.
There's DEFI yield in US. https://www.coinbase.com/earn?filter=DEFI
PArt of Coinbase earn is defi yield(aka lending), part of it is crypto staking.
I also suggest you to read howey yest and make your own conclusions.