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🚨SEC KILLS KRAKEN CRYPTO STAKING!
The SEC makes Kraken Exchange pay a fine and shutdown their staking services.
We have a big update in the crypto market. Today the U.S. Securities and Exchange Commission charged Kraken Exchange $30 Million for “failing to register the offer and sale of their crypto asset staking-as-a-service program, whereby investors transfer crypto assets to Kraken for staking in exchange for advertised annual investment returns of as much as 21 percent.”
SEC Chair Gary Gensler took a victory lap and tweeted a video explaining what Staking is.
As you can imagine this will have a huge impact on other exchanges and platforms who offer staking services. Many will voluntarily sunset their staking services to avoid penalties and investigations by the SEC. It’s important to note that users can still stake via self hosted wallets.
I breakdown the news in the following podcast.
Safely Store Your Crypto With A Ledger Hardware Wallet