💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

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

Published 10/02/2023, 03:23
Updated 10/02/2023, 04:40
© Reuters.  Coinbase CEO Vows To Fight For 'Economic Freedom' Amid Kraken's Crypto Staking Suspension
CRCW
-

Benzinga - 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.”

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 (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.

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

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.