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‘Midnight Massacre:’ SEC Crackdown on Crypto Staking Services Prompts
Speculation of Further Enforcement Actions – Regulation Bitcoin News
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Feb 10, 2023
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Regulation

by Jamie Redman

1 hour ago
 * 
 * 0




‘MIDNIGHT MASSACRE:’ SEC CRACKDOWN ON CRYPTO STAKING SERVICES PROMPTS
SPECULATION OF FURTHER ENFORCEMENT ACTIONS




On Feb. 9, 2023, the cryptocurrency community learned of the U.S. Securities and
Exchange Commission’s (SEC) crackdown on staking services. The SEC fined Kraken,
a cryptocurrency exchange, $30 million for offering an “unregistered offering”
related to its U.S. staking service. Digital currency advocates are now debating
what constitutes a yield product versus a noncustodial solution that is not
considered a security. Fox News journalist Eleanor Terrett predicts more
regulatory crackdowns on the crypto space in the coming weeks, including
enforcement actions against exchanges and banks.


OBSERVERS WEIGH IN ON THE FUTURE OF CRYPTO STAKING AFTER SEC CRACKDOWN

There is much discussion regarding the recent actions taken by the top U.S.
securities regulator against crypto exchange Kraken and its staking service. The
day before, Brian Armstrong, CEO of Coinbase, warned that he had heard rumors
the SEC would attempt to eliminate cryptocurrency staking for retail customers
in the United States. The next day, Kraken announced it was ending staking
services for U.S. customers. The SEC, chaired by Gary Gensler, disclosed that
the regulator settled with Kraken over the issue for $30 million for civil
penalties and disgorgement.

On Thursday, Gary Gensler emphasized that cryptocurrency exchanges must comply
with regulatory policies when offering investment vehicles to retail customers
in the United States. During an interview with CNBC’s “Squawk Box” on Friday,
Gensler repeated this stance. “Companies like Kraken can offer investment
contracts and investment schemes, but they must provide full, fair, and truthful
disclosure,” Gensler said. “This protects the investors who watch your program.
That’s the basic law, and they were not following it.”

The enforcement actions have sparked discussions about what constitutes a yield
product versus a noncustodial solution that is not considered a security.
Economist and trader Alex Krüger weighed in. “Positive narrative spin for
later,” Krüger tweeted. “Banning U.S. exchanges/custodians from offering staking
services will push staking offchain or abroad, making Ethereum decentralized and
beyond the reach of U.S. regulators. Decentralized Ethereum is better Ethereum.”


FOX NEWS REPORTER TOLD IMMINENT REGULATORY ENFORCEMENT ACTIONS AGAINST CRYPTO
EXCHANGES, BANKS, AND TOKEN ISSUERS COMING SHORTLY

SEC commissioner Hester Peirce expressed a dissenting opinion and disagreed with
the actions. Peirce said it was “most concerning” that the SEC’s “solution to a
registration violation is to shut down entirely a program that has served people
well.” The commissioner emphasized that “a paternalistic and lazy regulator
settles on a solution like the one in this settlement: instead of initiating a
public process to develop a workable registration process that provides valuable
information to investors, it simply shuts it down.”

According to Coinbase chief legal officer Paul Grewal, Coinbase’s staking
service is different. “Coinbase’s staking program is not affected by
[Thursday’s] news,” Grewal explained in a statement. “What’s clear from
[Thursday’s] announcement is that Kraken was essentially offering a yield
product. Coinbase’s staking services are fundamentally different and are not
securities.” In addition to the latest crackdown on staking, rumors are
circulating that more regulatory enforcement is on the horizon.



On Thursday, Fox News reporter Eleanor Terrett reported that more regulatory
action is expected to impact the cryptocurrency industry in the coming weeks.
Terrett tweeted, “SCOOP: Gary Gensler is embarking on a ‘midnight massacre’ to
bring all of crypto under his control. In the coming weeks, the SEC, New York’s
Department of Financial Services, and the Office of the Comptroller of the
Currency will bring enforcement actions against exchanges, banks, and entities
that mint tokens in an attempt to label most of them as securities. I’m told
Gensler’s strategy is to bring as many enforcement actions as possible while the
118th Congress is still getting settled.”

TAGS IN THIS STORY

118th Congress, Alex Kruger, banks, Brian Armstrong, bring enforcement actions,
bring under control, coming weeks, comptroller of the currency, Cryptocurrency,
cryptocurrency industry, Eleanor Terrett, enforcement actions, Exchanges,
Financial Services, Fox News, Gary Gensler, Gary Gensler's strategy, getting
settled, hester peirce, label securities, midnight massacre, New York's
Department of Financial Services, Office of the Comptroller of the Currency,
Regulatory, regulatory action, regulatory crackdown, rumors circulating, SEC,
Securities, Squawk Box, staking services, token issuers, token minting

What do you think the future holds for cryptocurrency in the face of increased
regulatory enforcement actions? Share your thoughts and opinions in the comments
below.

JAMIE REDMAN

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech
journalist living in Florida. Redman has been an active member of the
cryptocurrency community since 2011. He has a passion for Bitcoin, open-source
code, and decentralized applications. Since September 2015, Redman has written
more than 6,000 articles for Bitcoin.com News about the disruptive protocols
emerging today.





KRAKEN CEO CALLS ON CONGRESS TO PROTECT US CRYPTO INDUSTRY FOLLOWING SETTLEMENT
WITH SEC OVER STAKING PROGRAM

REGULATION | 3 hours ago

ARGENTINA MULLS INCLUSION OF PROOF-OF-SOLVENCY REQUIREMENTS IN CRYPTO REGULATION

REGULATION | 13 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons




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With SEC Over Staking Program

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