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US SEC Crypto Staking Crackdown Benefits Decentralized Services

Decentralized finance protocols such as Lido, Rocket Pool, and StakeWise may benefit from the U.S. Securities and Exchange Commission (SEC) crackdown against crypto staking services, reported Bloomberg on February 10.

However, the decentralized staking protocol will benefit only if they avoid a similar regulatory action by the SEC or other regulators in the future.

On Thursday, U.S.-based crypto exchange Kraken settled SEC allegations of the unregistered offer and sale of securities through its staking-as-a-service program. The crypto exchange paid $30 million and agreed to discontinue the service in the US.

Many in the DeFi community believe the autonomous aspect led to decentralized finance (DeFi) apps falling outside the guidelines of regulators as “no individual benefits directly.” People use these DeFi apps to trade, lend and borrow without intermediaries through the use of automated protocols.

(By Varinder Singh)

DeFi SEC
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