Tag: Enforcement actions

Commissioner Peirce on the SEC’s ‘unimaginative’ approach to regulation

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By Davis Quinton and Frank Chaparro. February 20, 2023. (The Block).

SEC Commissioner Hester Peirce opposes her agency’s recent targeting of Kraken’s staking program in the US. 

“If investor protection is about just shutting programs down or preventing people from purchasing certain things — that’s a very unimaginative form of investor protection,” Commissioner Peirce said.

In this episode, Commissioner Hester Peirce discusses how the SEC’s recent enforcement action towards Kraken is emblematic of the agency’s broader attempt to regulate the crypto industry in the US through enforcement actions.

Read the full article here.

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

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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.