The SECgov did not consult with the crypto industry to discuss staking prior to its alleging Kraken violated federal law with its staking-as-a-service program, HesterPeirce said Friday. realDannyNelson reports
PHILADELPHIA – The U.S. Securities and Exchange Commission did not attempt to consult with the crypto industry before launching this week’s unregistered securities crackdown on staking-as-a-service, Commissioner Hester Peirce said Friday.top U.S. investments regulator’s lawsuit against Kraken crypto exchange
“We had not tried to sit down with people in the industry” to discuss staking, the process by which crypto holders delegate their tokens to validators in order to earn crypto rewards, Peirce said. She said the SEC has known about staking for a long time, and its decision to strike now was “arbitrary,” as was its targeting of Kraken’s staking business first."Yesterday’s decision basically said ‘let’s just shut it down.’ That can’t be the answer," the commissioner said.
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