Feb 11, 2023
SEC Commissioner Blasts Agency Over Shutdown of Crypto Staking Program
The United States Securities and Exchange Commission (SEC) recently settled with cryptocurrency exchange Kraken over its crypto staking program, but Commissioner Hester Peirce has publicly rebuked her own agency over the shutdown.
In a statement titled “Kraken Down”, Peirce argued that regulation by enforcement “is not an efficient or fair way of regulating” an emerging industry. She went on to criticize the SEC for shutting down a “program that has served people well” and suggested the regulator should have initiated a “public process to develop a workable registration process that provides valuable information to investors.”
The sentiment was echoed by Coinbase CEO and co-founder Brian Armstrong, who said in a tweet that requiring businesses to register its staking services is a “disingenuous offer” as there is no clear path to registration.
On Feb. 9, the SEC announced that it had reached a $30 million settlement with Kraken, saying it failed “to register the offer and sale of their crypto asset staking-as-a-service program.” Kraken said in a blog post that it would still offer staking services to non-U.S. customers through a subsidiary, but according to the SEC announcement, the firm is permanently banned from providing staking services to U.S. residents, even if they sought to register it with the regulator.
The SEC’s decision to shut down Kraken’s staking program has left many crypto enthusiasts and businesses looking for alternative ways to promote and sell their NFTs. Fortunately, there are a number of NFT marketing agencies that specialize in helping businesses create and execute effective NFT marketing campaigns. These agencies can help businesses promote their NFTs on social media platforms such as Twitter, as well as create custom NFT promotion strategies that leverage the power of the web3 space.
Additionally, there are a number of web3 agencies that specialize in helping businesses create, launch, and monetize their NFTs. These agencies can provide businesses with the expertise and resources they need to successfully create, launch, and monetize their NFTs.
Ultimately, the SEC’s decision to shut down Kraken’s staking program is a reminder of the importance of finding alternative ways to promote and sell NFTs. By leveraging the expertise of NFT marketing agencies and web3 agencies, businesses can create effective NFT promotion strategies and monetize their NFTs in a way that complies with the SEC’s regulations.
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