SEC Will Push Away Innovation – The Blockchain Association
The U.S. Securities and Exchange Commission's recent action against staking on the cryptocurrency exchange Kraken has been criticized by the CEO of the Blockchain Association, Kristin Smith.
The Washington D.C.-based organization, representing over 100 crypto companies in advocating for blockchain-friendly policies in the U.S. Capitol Hill, has called the SEC’s actions a continuation of its attack on the crypto industry and retail investors.
In a statement, the CEO said that staking is a crucial component of the crypto ecosystem as it enables individuals to participate in decentralized networks and provides investors with additional ways to earn passive income.
The SEC had charged Kraken for failing to register its crypto asset staking-as-a-service program, Kraken staking, which allows users to lock up their coins to validate blockchain transactions and receive rewards for doing so.
As a result of the charges, Kraken has agreed to pay a $30 million fine and has removed staking from its platform. The Blockchain Association is now urging Congress to intervene and prevent the crypto industry and its participants from moving offshore.
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The CEO believes that without proper legislation, the U.S. risks losing its innovation and online freedoms to other countries.
Summary of the statement on the SEC’s attack on staking on Kraken:
- The SEC’s actions are part of an ongoing attack on the crypto industry and retail investors
- Staking is a crucial component of the crypto ecosystem
- The SEC charged Kraken for failing to register its staking-as-a-service program
- Kraken has agreed to pay a $30 million fine and remove staking from its platform
- The Blockchain Association is calling on Congress to intervene and prevent the crypto industry from moving offshore
- Without proper legislation, the U.S. risks losing its innovation and online freedoms to other countries.
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
