Kraken CEO Jesse Powell and Coinbase Executive Blast SEC’s ‘Misinformed’ Staking Ban

It’s been just reported that the Kraken CEO and Coinbase exec are blasting the latest decision that the SEC is making. Check out the latest important news below.

Kraken CEO Jesse Powell and Coinbase’s chief legal officer Paul Grewal are vocally criticizing the U.S. Securities and Exchange’s (SEC) latest enforcement action against crypto staking.

As the online publication the Daily Hodl notes, the SEC chair Gary Gensler told CNBC in an interview that Kraken was not disclosed to the public the complete risks associated with staking their digital assets on the platform.

Gensler said that Kraken “knew how to register” on the SEC website for the necessary regulatory requirements, but neglected to do so.

As a response, Powell implied that Gensler’s claim was untrue.

“Oh man, all I had to do was fill out a form on a website and tell people that staking rewards come from staking? Wish I’d seen this video before paying a $30 million fine and agreeing to permanently shut down the service in the US. How dumb do I look. Gosh.”

According to the latest reports, it seems that the Blockchain Association CEO Kristin Smith has released a statement on the U.S. Securities and Exchange Commission’s eradication of staking on the crypto exchange Kraken.

The Washington DC-based organization, which represents more than 100 crypto companies in a push to improve public policy for blockchain networks on Capitol Hill, says the SEC’s actions are part of an ongoing attack on a nascent industry.

“The SEC continues its attack on US crypto companies and retail investors, regulating by enforcement and undercutting the potential of public blockchain networks in the United States.”

Check out our previous article in order to learn more, and stay tuned for more news.