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The CEO of crypto exchange Kraken, Jesse Powell, has called on Congress to pass a law to protect the U.S. crypto industry after the Securities and Exchange Commission (SEC) took action against his trading platform over its crypto staking service. Kraken’s CEO Responds to SEC Action Kraken CEO Jesse Powell urged Congress
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“We had not tried to sit down with people in the industry” to discuss staking, the process by which crypto holders delegate their tokens to validators in order to earn crypto rewards, Peirce said. She said the SEC has known about staking for a long time, and its decision to
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United States Securities and Exchange Commission chair Gary Gensler issued a warning to crypto companies to “come in and follow the law” after the agency announced a settlement with crypto exchange Kraken.Appearing on CNBC’s ‘Squawk Box’ on Feb. 10, Gensler said crypto exchanges should register with the SEC in order
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“330 million Americans are our clients,” Gensler replied. “Kraken knew how to register, others know how to register, it's just a form on our website… And if they want to offer staking, we're neutral, come in register because investors need that disclosure.” Source
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Ether, the second largest crypto by market cap, behaved similarly, dropping from its previous support comfortably above $1,600 to about $1,546, a 6.6% decline from Wednesday same time, that was part of a wider market downswing. The drop-off after a five-week spike began after Coinbase CEO Brian Armstrong tweeted Wednesday
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Members of the crypto community are seemingly outraged over the recent charges laid against crypto exchange Kraken in relation to its staking-as-a-service program in the United States. On Feb. 9, the United States Securities Exchange Commission (SEC) announced it had settled charges with Kraken over “failing to register the offer and
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United States Securities and Exchange Commission (SEC) commissioner Hester Pierce has publicly rebuked her own agency over the shut down of Kraken's crypto staking program in the United States. The commissioner blasted her regulator in a Feb. 9 statement called "Kraken Down," noting that regulation by enforcement “is not an efficient
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The Internal Revenue Service has filed a court document seeking permission to enforce a summons for information against Kraken and its subsidiaries. Source
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Kraken, a U.S.-based cryptocurrency exchange, has agreed to wind down its cryptocurrency staking program as part of an arrangement with the U.S. Securities and Exchange Commission (SEC) to settle for the unregistered offer of its staking services. The exchange will also pay $30 million in disgorgement, prejudgment interest, and civil
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Staking is the consensus mechanism to validate transactions for proof-of-stake blockchains, including Ethereum, which also offers a way for investors to earn yield on their digital asset holdings. However, the SEC has been vocal about its concerns that staking services are the equivalent of unregistered securities according to present regulations. Original
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