Coinbase CEO Vows To Fight For 'Economic Freedom' Amid Kraken's Crypto Staking Suspension

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.

Read NextBitcoin, Ethereum, Dogecoin Tumble After Kraken Pauses Staking: Analyst Warns Uptrend Loss If Apex Crypto Drops Below This Level


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Posted In: CryptocurrencyNewsMarketsBrian ArmstrongEthereumKrakenstaking
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