The SEC on Kraken and others has caught the attention of the crypto industry. After the collapse of FTX, many crypto exchanges had gone through a serious problem and a difficult environment.
FTX collapse case caught the attention of the US Security Exchange Commission on crypto exchanges. However, the security level has been keeping an eye on other crypto exchanges to know what else is going on with them. While doing so, the SEC attacked the US crypto firm over regulation by enforcement, causing a lot of backlash.
Recently, the SEC attacked Genesis, claiming that Gemini is offering unregistered programs to its customers.
Is there any other way for the registered program to work other than the one offered by Gemini? I see this as a war to fight crypto trading in the US, not regulation. Imagine the case of Kraken, Kraken have served the average people well in the US, but allegedly to offer unregistered program, and was charged $30 million and also shut down its program for US customers. Can't you see it's a war on crypto in the US.
These recent SEC actions prompted the Blockchain Association to call on Congress to step in and end the SEC's attack on the crypto industry
Staking is part of the crypto ecosystem and is a great way to ensure that we are rewarded for our investment, and people are benefiting from it.
CEO of the Blockchain Association, which represents over 100 crypto companies against the SEC's actions to ban staking on Kraken. Smith said that 'this is no way to improve the system and they need to stop attacking the crypto industry' and if this continues it will undermine the potential of public blockchain networks in the US.
I think everyone should be able to participate in decentralized networks, which means that staking is a key opportunity to make money in the crypto space. In fact, staking is one of the best opportunities to attract many investors to invest in a coin.
I don't see why this should be a problem for the safety committee. Even Pierce, the commissioner who I expect will support this action, opposes it, he opposes the SEC attack and said that this attack is nascent.
He made a good point saying "staking program can't be the same" and instead of the SEC taking unnecessary actions, they should have guidelines for all exchanges, but they don't.
To be honest, there is no way staking will be eradicated from the crypto industry. Staking allows many people to make money by holding a coin for a period of time. But, the Security Exchange Commission calling this unregistered program is not a regulatory policy, it is a call to war against the crypto industry as a whole.
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