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Coinbase, one of the biggest cryptocurrency exchanges in the U.S., has stated that the staking services offered on its platform do not constitute securities. The statements, made in the wake of the $30 million settlement that Kraken, another U.S.-based crypto exchange, completed with the U.S. Securities and Exchange Commission (SEC),
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On Feb. 10, 2023, Republicans Patrick McHenry of North Carolina and Bill Huizenga of Michigan, both members of the U.S. House of Representatives, sent a letter to Securities and Exchange Commission (SEC) chairman Gary Gensler seeking answers about the arrest of FTX co-founder Sam Bankman-Fried prior to his scheduled testimony
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Gensler and his defenders might counter that he has consistently warned that most, if not all, tokens are securities. But the industry’s gripe goes beyond that. It’s that, other than the occasional public invitations to “come in and talk to us,” there’s been no real effort to collaboratively develop a
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Before we get further into this, it’s worth defining some terms. Proof-of-stake is a consensus mechanism wherein nodes are supported by people locking up, or “staking,” their crypto. It differs from proof-of-work consensus mechanisms in that rather than putting energy and computing power into securing the blockchain, you’re putting your
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On Feb. 9, 2023, the cryptocurrency community learned of the U.S. Securities and Exchange Commission’s (SEC) crackdown on staking services. The SEC fined Kraken, a cryptocurrency exchange, $30 million for offering an “unregistered offering” related to its U.S. staking service. Digital currency advocates are now debating what constitutes a yield
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The United States Securities and Exchange Commission is ramping up pressure on the crypto sector. On Feb. 9, the SEC reached a $30 million settlement with Kraken over the centralized staking program it offered to its users.The news of the crackdown sent the price of Bitcoin (BTC) to a three-week
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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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Two members of the United States House Financial Services Committee have call out Securities and Exchange Commission Chair Gary Gensler “regarding the timing of the charges filed against FTX founder Sam Bankman-Fried” based on his scheduled appearance at a hearing.In a Feb. 10 notice, committee chair Patrick McHenry and Representative
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Only a very small percentage of Coinbase’s revenue currently comes from its staking product, which means that the impact would be relatively low, said Needham’s John Todaro in a report on Friday. However, he added, staking has high potential for future growth and could potentially be a substantial revenue stream
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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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