The shares of Coinbase Global Inc (NASDAQ:COIN) are down 2.3% to trade at $260.74 at last check, after the cryptocurrency exchange staple revealed today that the U.S. Securities and Exchange Commission (SEC) delivered a Wells notice to the company, intending to sue over its product, Coinbase Lend. The interest-earning product was slated for release in the upcoming weeks, and would allow users to earn a 4% annual percentage yield in exchange for lending their crypto holdings. In response, Coinbase announced they're delaying Lend's launch until at least October.

The announcement has bearish traders excited, with 36,000 puts trading hands so far today -- double the intraday average. Two of the most popular contracts are the 250- and 255-strike strike puts from the weekly 9/10 series, with new positions being opened at both.

Analysts have yet to respond, though coming into today most were already bullish toward COIN. In fact, 10 of the 16 in coverage recommend a "buy" or better, versus six that rate Coinbase stock a "hold" or worse. So, a pessimistic shift from the brokerage bunch in the near future is sure to put more pressure on the shares.

Keeping its neck above the $260 level, Coinbase stock is still a far cry away from its April 14, all-time high of $429.54. In the last month, COIN has shed 7.3%, and is now facing off with its 10-day moving average.