Coinbase 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.”
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%.
See More: Top Indian Apps That Give Bitcoin, NFT Rewards
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 ETH/USD.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
