SEC Chair GaryGensler says crypto firms offering any kind of yield-earning program should “take note” of Kraken's move to shutter its staking service in the U.S. and work to become compliant. iamsandali reports
"Companies like Kraken can offer investment contracts and investment schemes, but they have to have full, fair and truthful disclosure. And this puts the investors who watch your program in a better position. That's our basic bargain. They were not complying with that basic law," Gensler said during a Friday appearance on CNBC's Squawk Box.
Although the regulator has blocked crypto staking, which lets users lock their assets on platforms in exchange for a “reward” percentage over time, in the U.S., the firms offering those services may simply continue to do so from other jurisdictions, Sorkin noted to Gensler. The SEC's enforcement action against Kraken has already invited criticism, even from within, with SEC Commissioner Hester Peirce calling it a"Most concerning, though, is that our solution to a registration violation is to shut down entirely a program that has served people well," Pierce said.
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