Feb 10, 2023

Crypto Community Outraged Over SEC Charges Against Kraken

The crypto community has been up in arms since the US Securities Exchange Commission (SEC) announced it had reached a settlement with Kraken over its staking-as-a-service program. Kraken was fined $30 million and must immediately stop offering its staking services to US retail investors, though they will still be available offshore.

This has sparked a heated debate among crypto investors, politicians, and industry executives. Adam Cochran of Cinneamhain Ventures called out SEC chief Gary Gensler, questioning why the same standards weren’t applied to Sam Bankman-Fried and FTX.

Kristin Smith, CEO of the Blockchain Association, argued that this is a perfect example of why Congress should be working with industry players to create appropriate legislation, instead of the SEC. Meanwhile, US Congressman Tom Emmer has reiterated the importance of staking in the crypto ecosystem, and Ryan Sean Adams, founder of the Ethereum show Bankless, suggested that the SEC could have taken other measures instead of charging Kraken out of the blue.

Others have questioned how Kraken could have registered with the SEC, given the lack of clear path to approve crypto staking. Some have even suggested that it could impact Ethereum’s consensus layer, as Kraken is the fourth-largest validator on Ethereum, according to Nansen.

However, not everyone is against the SEC’s decision. Bitcoin bull Michael Saylor agrees with Gensler’s analysis that retail investors lose control of their tokens when they delegate them to external staking service providers.

Meanwhile, attorney and chief policy officer of the Blockchain Association, Jake Chervinsky, noted that such “settlements are not law” and that Kraken’s decision to settle was likely an economic decision rather than a legal one.

The SEC’s actions have prompted Coinbase CEO Brian Armstrong to say that “regulation by enforcement” would be a “terrible path” for US innovators, as they’ll be forced to push more of their services offshore.

The debate comes at a time when the NFT (Non-Fungible Token) space is quickly gaining traction. As more and more people are selling NFTs, there is a need for more NFT marketing and promotion. Companies are turning to Twitter NFT marketing, NFT marketing agencies, and web3 agencies to help them get their NFTs out into the world and attract buyers.

NFT marketing agencies specialize in helping companies create campaigns to promote their NFTs, as well as helping them to develop strategies to increase their visibility and reach potential buyers. They also provide advice on how to create an effective NFT marketing plan and on how to maximize the impact of the campaigns.

Web3 agencies also provide a variety of services, such as helping companies to create and manage their NFTs, as well as providing advice on how to best sell them. They also provide guidance on how to use the latest web3 technologies and tools to maximize the success of their NFTs.

As the debate around the SEC’s decision to charge Kraken continues, it is clear that the NFT space is here to stay. Companies are turning to NFT marketing agencies and web3 agencies to help them maximize their success in the market, and it is likely that these services will continue to be in demand as the space grows.

Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.