Coinbase Takes A Firm Stance Against Staking Services, Ignores Pressure From US SEC

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In recent months, the US Securities and Exchange Commission (SEC) has become very aggressive against cryptocurrency firms.

Most importantly, it has become extremely aggressive against the staking and lending services offered by cryptocurrency firms to the US locals.

The regulator has continued targeting several firms from the cryptocurrency industry that have offered lending/staking services to the locals.

One of the recent targets of the US SEC was one of the oldest-running cryptocurrency exchanges in the United States, Kraken.

The regulator reportedly went against the exchange and in the end, Kraken had to pay up a huge fine to the regulator to settle the matter.

Unfortunately, a major part of the settlement for the exchange was to drop the staking services it had been offering through its platform.

Coinbase has taken a Firm Stance

Due to the recent aggression displayed by the regulatory authority against the crypto firms, the entire crypto community is concerned.

According to many, the entire crypto industry based or operating in the United States is intimidated by the US Securities and Exchange Commission.

This is when Coinbase, one of the largest crypto exchanges in the entire crypto industry announced that it is not afraid of the regulator.

The regulator has literally waged an indirect war against the US SEC claiming that it is not going to discontinue the staking services.

The officials at the Coinbase exchange have confirmed that they will continue offering staking services to their customers. The users will have full access to the staking services that were and are being offered through their platform.

The exchange has even circulated an email to all of its investors and users pertaining to the same matter. In the email, they revealed that they will continue offering staking services to their users.

Most importantly, they will continue offering all the rewards they had been offering to the users prior to the US SEC’s win against Kraken.

Staking Services Will Continue

Coinbase has assured all the investors that they will not face any hindrance with respect to the staking services.

Whether it is the old staking positions, the recent ones, or the future ones, the users will face no problems going forward. Their exchange is dedicated to offering all the services to the users they have offered for a long time.

All the services they have been offering a legal, licensed, and authorized, and are in accordance with the regulatory guidelines.

Even when offering the staking services, they are breaching no laws or regulations so they will continue offering what they have been offering for a while.

Their users will continue gaining from the staking service by staking their tokens for a defined period. They will also continue earning rewards against their stakes.

US SEC is trying to Bring down the Crypto Industry

Right from the start of 2023, the US SEC has become very aggressive against crypto firms. It has launched an aggressive campaign against the firms involved in offering staking services in cryptocurrencies.

It seems that the US SEC has received permission from the government of the United States to go all out on taking down the crypto firms.

The securities regulator has been clamping down on many crypto firms that are offering such services. As mentioned earlier, it took down Kraken and forced it to drop its staking services for the crypto tokens.

Coinbase is Not Hindered

According to the sources and the users, the Coinbase exchange is not afraid of the regulator’s recent actions.

It will continue offering its staking services to users. The only thing Coinbase has changed in terms of its staking service is the way the rewards will be paid.

At the moment, as the users stake their tokens, they receive the rewards against the staked tokens through the exchange.

Going forward, the staked tokens will be receiving rewards through the decentralized protocols of the Coinbase exchange. The change is to take place starting March 29, 2023.


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