Coinbase (NASDAQ: COIN) CEO Brian Armstrong said his cryptocurrency exchange company would keep fighting for "economic freedom" as peer Kraken suspends its crypto-staking operations.
What Happened: Armstrong said on Twitter that some days “being the most trusted brand in crypto means protecting our customers from government overreach.”
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We will keep fighting for economic freedom (our mission at Coinbase). Some days being the most trusted brand in crypto means protecting our customers from government overreach.
— Brian Armstrong (@brian_armstrong) February 10, 2023
Kraken agreed to discontinue its staking operations as part of an approved and finalized settlement with the Securities and Exchange Commission. Its staking services included a crypto-lending product that promised a potential yield of up to 24%.
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This comes after rumors began to swirl that the SEC may soon move to prevent retail customers from participating in staking, a process where investors hold crypto tokens to strengthen blockchains such as Ethereum (CRYPTO: ETH).
Armstrong on Wednesday expressed concerns over hearing rumors about the SEC getting “rid” of cryptocurrency staking in the US for retail customers.
Price Action: ETH was trading at $1,550 down 5.37% in the last 24 hours, according to Benzinga Pro.