- The SEC has charged Kraken for the unregistered offer and sale of securities through its staking-as-a-service program.
- “Crypto intermediaries must provide the proper disclosures & safeguards required by our laws,” states Chairman Gary Gensler
- The SEC’s decision was met with uproar and derision on Twitter.
SEC Chairman Gary Gensler is once again in the news, this time for charging Kraken with failing to register the offer and sale of their crypto asset staking-as-a-service program. This refers to the Kraken program whereby investors transfer crypto assets to Kraken for staking in exchange for advertised annual investment returns of as much as 21 percent. Kraken has agreed to shutter its staking-as-a-service program, and will be paying $30 million in a settlement with the SEC.
Today @SECGov charged Kraken for the unregistered offer & sale of securities thru its staking-as-a-service program.Whether it’s through staking-as-a-service, lending, or other means, crypto intermediaries must provide the proper disclosures & safeguards required by our laws.
— Gary Gensler (@GaryGensler) February 9, 2023
“Whether it’s through staking-as-a-service, lending,…
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