SEC Commissioner Peirce: Kraken Staking Action Not a ‘Fair Way of Regulating’

By Max Koopsen. February 10, 2023. (Decrypt).

Yesterday, the Securities and Exchange Commission announced its enforcement action against Kraken, forcing the crypto exchange to shut down its staking service in the U.S. and pay a $30 million fine.

Kraken’s staking service offered its customers an opportunity to earn rewards by depositing their crypto into various yield-generating protocols, advertising up to 24% yearly returns.

The SEC’s complaint alleged that Kraken had failed to register its staking-as-a-service with the regulator.

The Commission’s decision was not unanimous, however.

Read the full article here.