The regulatory landscape for cryptocurrencies and digital assets is constantly evolving, and it’s possible that staking services offered by centralized entities in the US could face restrictions in the future.Despite the ups and downs, many people remain optimistic about the long-term potential of cryptocurrencies and blockchain technology Cathie Wood of Ark Invest, well-known for her formerly contentious $1 million price target for Bitcoin, has criticised US regulators for their attack on centralised staking.Wood voiced her opinions over a potential ban on staking services provided by centralised entities that are subject to US regulation.Taking to Twitter, Wood wrote, “So, activity moves to offshore exchanges or to self custody, self-sovereignty, and self-control? Decentralization wins.
Great! Given regulatory arbitrage, however, US exchanges lose to foreign exchanges, not so good for US competitiveness in the crypto revolutions, in my view.” Internet users agreed with Wood and praised her opinion amid the ongoing fiasco.
One of the users wrote, “Agreed, the shift towards self-custody and decentralization is a step towards financial freedom and privacy.
It does pose a challenge 4 exchanges to remain competitive on a global scale.Hopefully, regulators find a balance that supports innovation while still protecting investors.” Even some speakers connected it to the anti-Bitcoin witch hunt that forced Chinese Bitcoin (BTC) miners to relocate their equipment.
Ironically, the United States and Kazakhstan were two of the process’s biggest winners in 2021.Wood believes in the long-term potential of the cryptocurrency market and believes that the price of Bitcoin will eventually recover and increase in value over time.According to a Fortune report, Wood’s company expects Bitcoin will recover from its present lows and reach a final value of $1.48 million by 2030, a bullish scenario that would see the cryptocurrency’s value increase by more than 6,300% in just seven years.Was this writing helpful? No Yes Elena R Elena is an expert in technical analysis and risk management in cryptocurrency market.She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.Back to top button Crypto news Why Is The USA Opposing Crypto? Stuart Alderoty Parallels To 80s Snowboarding Resistance At the moment, the US is actively opposing cryptocurrencies.
Biden has stated that U.S.government authorities must step up enforcement in the digital asset market and find regulatory gaps for cryptocurrencies.
The SEC has also been very strict in how it deals with the cryptocurrency industry and has filed litigation against numerous crypto companies.Many proponents of crypto are making historical parallels as a result of this.Here are John Deaton’s comments.Stuart Alderoty’s recent tweet Stuart Alderoty, general counsel at Ripple, compared the resistance to cryptocurrencies in the US to the boycott of snowboarding in the 1980s.The lawyer did this in a tweet yesterday, releasing a 1985 CBC news clip that demonstrated the hostility ski hill owners had for the new sport.
The activity, which entails using a board to slide down a slope, got its start in the United States in the 1960s.Although it is similar to skiing, snowboarding encountered opposition from skiers who said that snowboarders lacked control and constituted a threat to other people on the hill, as shown in the news footage.James K Filan replies Notably, pro-XRP lawyer James K.Filan shared Alderoty’s tweet that compared a ski patrol officer in the video to Gary Gensler, chair of the U.S.Securities and Exchange Commission.In the video, the patrol officer said that snowboarders were “uncooperative” and hazardous, saying that there could be no future compromise and that the growth of the new activity would only result in greater conflict.SEC’s recent acts have garnered a lot of criticism The U.S.
Securities and Exchange Commission announced on Thursday that cryptocurrency exchange Kraken had agreed to end its U.S.cryptocurrency staking service and pay $30 million in fines to resolve charges that it had failed to register the program.
This decision may cause issues for platforms that provide comparable services.The SEC Chairman, Gary Gensler has also received criticism for the SEC’s failure to avoid the FTX crisis and for directing its attention in unnecessary places.This comparison has been seen in the light of humor by the crypto community.Some have shared GIFs of laughing at the comparison made by Stuart Alderoty.Was this writing helpful? No Yes Crypto news Kraken CEO Expresses Regret Over Paying $30m to the SEC Gary Gensler and the Securities and Exchange Commission (SEC) have accused Kraken, a prominent cryptocurrency exchange, of violating securities laws.
In response, Kraken has agreed to pay a $30 million fine and has reached a permanent agreement to cease its staking services in the United States, which has been met with disappointment from the cryptocurrency community.Following the resolution of the issue, Kraken CEO Jesse Powell has expressed regret over the settlement and acknowledges that the outcome might have been prevented if he had acted differently.Powell Speaks Out During an interview with CNBC, Gensler revealed that Kraken was offering returns on cryptocurrency tokens to its customers, ranging from 4% to 21%.Unfortunately, the exchange allegedly failed to warn its customers of the potential risks they faced.Gensler suggested that Kraken was aware of the registration process, which involves completing a form on the SEC’s official website for full transparency to investors.
Jesse Powell responded to these allegations, stating that all he had to do was fill out a form on a website to inform others that staking benefits were provided through staking.He regrets not having taken this step before being forced to pay a $30 million fine.Earlier, Powell had said: “I honestly hope that somebody proves, in court, that there is a legal, user-friendly version of custodial staking that can be offered to US consumers…It’ll be a brutal, lengthy, expensive fight … but the industry and the USA will be extremely grateful.” The CEO of Kraken said that his company did not take on the SEC due to the low expected return of a court battle.He added that the SEC singled out Kraken during a bear market when it had to lay off 30% of its workforce because the agency knew it lacked the capacity to fight back.
Was this writing helpful? No Yes Qadir AK Qadir Ak is the founder of Coinpedia.He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010.He has also interviewed a few prominent experts within the cryptocurrency space.Back to top button Crypto news SEC Probes Cryptocurrency Staking: Retail Investors At Risk? The cryptocurrency world has been thrown into turmoil following rumors of a potential ban on cryptocurrency staking for retail investors by the United States Securities and Exchange Commission (SEC).The speculation was first made public by Brian Armstrong, the founder of Coinbase, the largest cryptocurrency exchange in the country, which recently started offering Ethereum staking to its users.
John Deaton, a prominent attorney, long-time advocate for cryptocurrencies, and critic of the SEC, has shared his thoughts on the increased scrutiny of the cryptocurrency industry.
He asserts that the SEC is currently engaged in an all-out battle against the cryptocurrency business, and that its leader, Gary Gensler, shows no signs of slowing down.What Is The SEC Upto Now? Recently, the SEC has stepped up its involvement in the cryptocurrency sector.
The agency is currently investigating allegations that the prominent cryptocurrency exchange, Kraken, violated securities laws and has initiated an inquiry into the matter.Coinbase, founded by Brian Armstrong, is also being scrutinized as part of the investigation.Starting this year, the SEC will have the power to regulate cryptocurrency brokers and financial advisors that offer or provide advice on cryptocurrencies.This marks a significant development in the regulatory landscape of the cryptocurrency industry.
Standards Of Care For Brokers & Advisors This year, the SEC is focusing on ensuring that brokers and advisors adhere to the established standards of care when delivering investment recommendations, referrals, and financial advice.The regulator is placing greater emphasis on the proper procedures and standards of care followed by brokers, rather than assessing the specific risks posed by the rapidly evolving financial technology landscape, which will be a key area of focus in 2022.The SEC is also investigating registered investment advisors to determine if they are inappropriately certifying their employees to provide customers with digital asset custody services.This investigation has been ongoing for several months and is now a top priority following the recent failure of the cryptocurrency exchange FTX.
Was this writing helpful? No Yes Qadir AK Qadir Ak is the founder of Coinpedia.He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010.He has also interviewed a few prominent experts within the cryptocurrency space.Top posts Bitcoin22 mins ago Bitcoin: Price growth can’t be expected unless this condition is met BTC is significantly correlated to the traditional financial markets.For its price to grow, there has to be a decoupling….
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