Coinbase’s Staking Service Faces Questions After Kraken’s SEC Settlement
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.
SEC Chair Issues Warning to Crypto Firms After Action on Kraken Staking
United States Securities and Exchange Commission chair Gary Gensler issued a warning to crypto companies to “come in and follow the law” after the agency announced a settlement with crypto exchange Kraken.
Staking Ban Fears Before Ethereum Shanghai Upgrade; Time To Buy The Dip?
After crypto exchange Kraken announced the closure of its staking service, the onus is now on the 1.23 million ETH staked assets belonging to users. The exchange said the unstaking would only be allowed after the upcoming Shanghai upgrade. The SEC’s crackdown on Kraken had huge repercussions in the crypto market after the settlement led to a price fall. The impact was more so in the proof of stake based cryptocurrencies, as the SEC’s resistance to crypto staking directly impacts these tokens.
The IRS is Taking Action to Uncover Identities of This Crypto Exchange's Customers
According to the Internal Revenue Service (IRS), the American tax authority, Kraken, the giant crypto exchange, failed to provide requested information regarding its US customers who conducted crypto transactions worth $20,000 or more between 2016 and 2020.
Coinbase Not Planning to Halt Staking Program Despite SEC Crackdown on Service
Coinbase, a leading cryptocurrency exchange based in San Francisco, has announced that it will not halt its crypto staking program despite reports of the SEC’s crackdown against crypto staking services in the U.S.
SEC Commissioner Blasts ‘Paternalistic and Lazy’ SEC
SEC Commissioner Hester Peirce lashed out at her own agency on Thursday over its decision to slap Kraken with two charges — forcing the crypto exchange to shutter its staking operations. Kraken settled on both SEC counts and forked out $30 million as part of the deal. Peirce said in a statement she disagreed with the outcome and was therefore dissenting. “A paternalistic and lazy regulator settles on a solution like the one in this settlement,” she said. (Blockworks)
‘Agent of an Anti-crypto Agenda’ — Community Slams Gensler over Kraken Crackdown
Members of the crypto community are seemingly outraged over the recent charges laid against crypto exchange Kraken in relation to its staking-as-a-service program in the United States. On Feb. 9, the United States Securities Exchange Commission (SEC) announced it had settled charges with Kraken over “failing to register the offer and sale of their crypto-asset staking-as-a-service program,” which it claims is qualified as securities under its purview. Kraken agreed to settle the charges by paying $30 million in fines and to immediately cease the staking services to U.S. retail investors, though it would continue to be offered offshore. (Cointelegraph)
Crypto Morning Briefing: Kraken Ends Staking Program in $30M Fine; 3AC Co-Founders Launch Open Exchange
NY regulator is investigating Paxos; Ethereum co-founder Joe Lubin says no chance ETH is classed as security; Worldcoin to raise $120M at $3B token valuation.
‘Kraken Down’ — SEC Commissioner Rebukes Own Agency Over Recent Action
United States Securities and Exchange Commission (SEC) commissioner Hester Pierce has publicly rebuked her own agency over the shut down of Kraken's crypto staking program in the United States.
Coinbase’s Staking Program Is Not Affected by Kraken Crackdown, Says Chief Legal Officer
Coinbase Global Inc.’s shares fell the most in more than six months after rival Kraken was forced to stop providing an investment service also offered by the largest US cryptocurrency exchange.
