Karen Crypto Staking Platform Shuts Down Due To SEC Fine Payment Hester Peirce Blast The Agency’s Involvement
The attack on the crypto exchange Karen ain’t really sitting well the the SEC boss. The attack is geared at wanting the agency to scrape their staking program and pay a fine. In a statement which Peirce says that, the SEC shut down Kraken’s staking program and counted it as a win for investors. I disagree and therefore dissent…
Instead of taking the path of thinking through staking programs and issuing guidance, we again chose to speak through an enforcement action, purporting to ‘make clear to the marketplace that staking-as-a-service providers must register and provide full, fair, and truthful disclosure and investor protection.’
Using enforcement actions to tell people what the law is in an emerging industry is not an efficient or fair way of regulating. Moreover, staking services are not uniform, so one-off enforcement actions and cookie-cutter analysis does not cut it.
Above all he says that the forceful regulation of the crypto market in not favorable to an average American investor although he speaks for transparency in the crypto system in the cooperate aspect of the business which will give the crypto sector an healthy place for institutional investment to happen rapidly. But concluded that it’s certain that SEC are out for these exchanges.
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