Feb 11, 2023

Crypto Community Outraged Over SEC Charges Against Kraken

The crypto community is in a state of uproar over the recent charges the United States Securities Exchange Commission (SEC) brought against crypto exchange Kraken in relation to its staking-as-a-service program. On Feb. 9, the SEC announced that Kraken had failed to register their crypto asset staking-as-a-service program, which the SEC views as a security, and Kraken agreed to pay a $30 million fine and cease offering staking services to U.S. retail investors.

The news has caused outrage among investors, politicians, and industry executives, with Adam Cochran, partner at Cinneamhain Ventures and Ethereum bull, calling out SEC chief Gary Gensler and questioning why the same standards weren’t applied to Sam Bankman-Fried and FTX. Kristin Smith, CEO of the Blockchain Association, released a statement on Twitter arguing that this instance is a textbook example of why Congress should be the one to work with industry players to create appropriate legislation, rather than the SEC.

U.S. Congressman Tom Emmer also weighed in on the matter, taking to Twitter to emphasize the importance of staking in the crypto ecosystem and how the “purgatory strategy” of the SEC will hurt everyday Americans who may be forced to seek such services offshore. Ryan Sean Adams, founder of the Ethereum show Bankless, suggested that the SEC could have taken other measures than charging Kraken out of the blue.

Not everyone was against the SEC’s decision, however. Bitcoin bull Michael Saylor agreed with Gensler’s analysis that retail investors lose control of their tokens when they delegate them to external staking service providers. Jake Chervinsky, attorney and chief policy officer of the Blockchain Association, noted that Kraken’s decision to settle was likely an economic decision rather than a legal one.

The SEC’s move has prompted Coinbase CEO Brian Armstrong to say that “regulation by enforcement” would be a “terrible path” for U.S. innovators, as they’ll be forced to move more of their services offshore. It has also raised questions about the future of Ethereum’s consensus layer, as Kraken is the fourth-largest validator on Ethereum, according to on-chain metrics platform Nansen.

As the crypto space continues to grow, the web3 world is beginning to explore new ways to promote and market Non-Fungible Tokens (NFTs). As the demand for NFTs continues to rise, businesses are looking for ways to get creative with their NFT marketing strategies. One of the most popular ways to promote NFTs is through Twitter, where users can showcase their NFTs to a large audience.

However, businesses can find it difficult to navigate the complexities of Twitter NFT marketing, which is why many are turning to NFT marketing agencies to help them promote their NFTs. NFT marketing agencies specialize in helping businesses create effective marketing campaigns for their NFTs and increase their chances of selling them.

The NFT marketing agency can help businesses create an effective strategy for promoting their NFTs, which can include targeting the right audience, creating engaging content, and optimizing their campaigns for maximum reach. Additionally, these agencies can help businesses track their progress and adjust their campaigns accordingly.

For businesses looking to make money from their NFTs, working with an NFT marketing agency can be a great way to increase their chances of success. With the help of an experienced agency, businesses can create campaigns that will drive more sales and increase their profits.

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.