SEC charges Kraken with selling unregistered securities, effectively criminalizes staking-as-a-service Cryptocurrencies
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Today @SECGov charged Kraken for the unregistered offer & sale of securities thru its staking-as-a-service program. “Remember, if you have a steak, that's S-T-E-A-K, if you have a steak meant for two and cut it into three pieces, it's still the same amount of steak,” he said. “Unfortunately, because these staking-as-a-service providers generally are not providing proper disclosures, there’s currently no reliable way as an investor to know the answers to these important investment questions.”
“To settle the SEC’s charges, the two Kraken entities agreed to immediately cease offering or selling securities through crypto asset staking services or staking programs and pay $30 million in disgorgement, prejudgment interest, and civil penalties.” Kraken issued their own statement shortly after the SEC’s. “Today, two Kraken subsidiaries announced a settlement with the U.S. Securities and Exchange Commission concerning Kraken’s on-chain staking program,” they wrote. “Because of this settlement, Kraken has agreed to end its on-chain staking services for U.S. clients.”
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