The US Securities and Exchange Commission (SEC) has announced charges against crypto exchange Kraken, alleging its offering of a crypto staking-as-a-service program was an unregistered securities product in the US. Kraken will settle the charges by paying $30 million and shutting all of its US staking services. 💸
This raises questions about the future of staking in the US, as SEC Chair Gary Gensler has stated that staking could meet the parameters of the Howey Test. SEC Commissioner Hester Peirce highlights that registering to offer a staking service may be more complex than it seems, raising questions about the implications of the case on staking at large.