The latest in the SEC’s fight against interest programs.
SEC Chair Gary Gensler appears to disagree, which could be bad news for others offering staking to customers in the US. This agreement should “make clear to the marketplace that staking-as-a-service providers must register and provide full, fair, and truthful disclosure and investor protection,” Gensler said in a press release.at 2:30PM ET, the price of Ethereum dropped sharply, falling over 4 percent in 30 minutes.
According to the SEC, Kraken took investors’ crypto and put it into a staking pool with the hopes of earning rewards. In return for having their crypto locked up, Kraken’s customers would, in theory, earn interest on that crypto.
The SEC also takes issue with the lack of consumer protections available for Kraken’s staking service, saying that the exchange “retained the right to pay them no returns at all.”
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