The Securities and Exchange Commission (SEC) last Thursday charged Kraken — the third largest cryptocurrency exchange in the US — for offering an unregistered security. As part of a settlement, Kraken agreed to immediately stop offering interest-bearing “staking” services to US-based customers and pay a $30 million fine.
But an SEC commissioner, Hester M. Pierce, expressing a strong dissent, called the SEC’s move “paternalistic and lazy” and questioned “whether the SEC would have been able to register” under the vague framework the agency was proposing.
Peirce and join becauseIts Nick Gillespie and Jack Weissmuller for a live discussion of cryptocurrency regulatory threats this Thursday at 1 pm ET. Watch the YouTube video above or on it and leave questions and comments becauseIts Facebook page.
this week because The livestream was produced by Adam Sullivan.
Show notes:
SEC press release on Kraken enforcement action
SEC Commissioner Hester Pierce dissented
CNBC: “SEC Commissioner Pierce Publicly Slams His Agency, Gensler Over Crypto Regulation.”
SEC Commissioner Gary Gensler on Crypto Staking
CNBC: “SEC’s Gary Gensler on Kraken Staking Settlement: Other Crypto Platforms Should Take Note“
Kraken CEO Jesse Powell responds to SEC chief Gary Gensler
The FTX Meltdown and the Future of Crypto. Live with Jesse Powell of Kraken