Expect the SEC To Use Its Kraken Playbook Against Staking Protocols
The United States Securities and Exchange Commission (SEC) settled with Kraken on Feb. 9 for an action taken against the exchange’s staking rewards program. Kraken paid a $30 million fine and agreed to halt the program.
Cathie Wood's ARK Buys Another $9.2M Coinbase
Cathie Wood is back to buying up shares of Coinbase (COIN), after a nearly month-long break, as ARK disclosed it had purchased 162,325 shares of COIN on Friday.
SEC’s Crackdown on Kraken’s Staking Program Puts Other Players on Notice
On Thursday, Kraken agreed to shut down its cryptocurrency staking services in the US and pay a $30 million fine to settle charges against it by the U.S. Securities and Exchange Commission (SEC).
SEC Hits Kraken With $30 Million Fine; Dubai Prohibits Privacy Coins | Cointime Weekly Feb.05 – Feb.11
Huobi to expand in Hong Kong as it bets on China; PayPal pauses stablecoin project amid Paxos probe; Ethereum co-founder says Ether won’t be classified as a security; Proof of Reserves for policymakers; Egyptian fintech MNT-Halan secures $400M.
Despite Kraken Blow, ETH Remains Undeterred
At press time, the price of Ethereum (ETH) was at $1,552, down 5% from yesterday and 6% from one week ago. The fall coincided with a market-wide selloff brought on by Kraken’s agreement to stop providing any staking services to US-based clients and its payment of a $30 million settlement to the SEC.
Binance, Coinbase, Kraken, and eToro Confirm They Have No Super Bowl Ads
Four cryptocurrency exchanges and trading platforms confirmed that they have not placed a Super Bowl ad in statements to Crypto Slate this week.
SEC Chair Gary Gensler Blames Kraken for 'Choosing' Not to Follow the Law
Speaking with CNBC’s Squawk Box on Friday, SEC Chair Gary Gensler blamed Kraken for failing to register its staking-as-a-service product with the Commission, and for not providing the relevant risk disclosures. He also dismissed the common criticism that there is a lack of clear rules that govern crypto, or that there is no clear path to register such products.
Kraken CEO Calls on Congress to Protect US Crypto Industry Following Settlement With SEC Over Staking Program
The CEO of crypto exchange Kraken, Jesse Powell, has called on Congress to pass a law to protect the U.S. crypto industry after the Securities and Exchange Commission (SEC) took action against his trading platform over its crypto staking service.
“Paternalistic and Lazy”: Crypto Mom Sounds Off Against Gensler’s Attack on Kraken
Hester Peirce – aka ‘Crypto Mom’ – issued a statement on Wednesday arguing that the SEC’s enforcement action is neither “efficient nor fair,” and that exchanges were never given a realistic pathway to registration, to begin with.
Former SEC Attorney: Kraken Action Not a Condemnation of 'Staking Writ Large'
The Securities and Exchange Commission’s (SEC) shutdown of crypto exchange Kraken’s U.S. staking-as-a-service business may certainly lead to a wider industry crackdown. However, “this is not a condemnation of staking writ large,” said Zachary Fallon, a former special adviser to the regulator’s general counsel and previously senior special counsel to the director of the SEC's Division of Corporate Finance.
