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.
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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.
