SEC considers crypto staking ban

Pekelo

Pekelo

https://coinpaper.com/1013/42-billion-at-stake-as-sec-considers-crypto-staking-ban

But why, you may ask?

"It's basically committing to be a long term investor in a ponzi scheme. The idea is that it's like putting your money in a money market account and it'll be loaned out at fantastic interest rates; but those rates only work for people doing rug pulls and ponzi schemes of their own.
These aren't like traditional securities where on average the longer you are invested the better you do, again and again with crypto assets we have seen whales and institutions withdraw leaving staked retail investors with nothing."
 
SEC: "Y'all are making too much c02 w/all that mining; we're going to ban it"
cryptobros: "we've got Proof of stake that'll take care of that"
SEC: "no, not like that"
 
Not really. In staking on Ethereum 2.0 the interest/dividends you receive come from performing actual real work that the end customers pay for. So it's not a ponzi.
 
You don't get staking rewards for LOANS! They are rewarded for the risk you take by carrying out consensus.

And please, don't refer to them as interest. Or every western government will start to follow the path of taxing them at 100% marginal rates.
 
Conmen are always many steps ahead of the SEC.

And foolish gullible investors always think whatever they touch,
it will turn into gold.
 
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Kraken settles with SEC for 30MM:

https://protos.com/kraken-settles-with-sec-over-crypto-staking-is-coinbase-next/

Crypto exchange Kraken has agreed to pay $30 million and discontinue offering staking-as-a-service in the US, in order to settle charges of offering an unregistered security with the Securities and Exchange Commission (SEC).

The complaint against Kraken details how the SEC feels that the pooling of staking user assets and efforts to derive profits for them results in the staking product being a security.
 
Oh man, no, not 30 million!

The owners are going to have to live in cardboard boxes and eat from dumpsters after they pay that!:D:D:D
 
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