Though Coinbase’s (COIN) current revenue from staking is relatively small, there is potential for speedy growth if the U.S. Securities and Exchange Commission (SEC) doesn’t crack down on the service altogether.

Speaking one day after his agency extracted from Kraken a $30 million fine and an agreement to shut down its staking-as-a-service operation for U.S. customers, SEC Chair Gary Gensler warned other platforms to “take note,” hinting at possible further investigations into other U.S.-based crypto exchanges.

Coinbase – which offers its own staking business – could be one of them. Indeed, its shares fell 14% on Thursday following the Kraken news and are lower by another 3% on Friday.

Coinbase Chief Legal Officer Paul Grewal on Thursday argued his exchange’s staking business is “fundamentally different” from Kraken’s, which he described as a “yield product.” Nevertheless, there’s plenty of speculation the SEC could be coming for all staking platforms.