Key Points: The Chief Legal Officer of Coinbase asserts that Coinbase’s Staking Service is different and is not a security.
Coinbase will not be affected if Kraken is sanctioned by SEC for translating their stakes.
Coinbase shares are still at 14%, the lowest since July.
Coinbase insists that Coinbase’s staking services are not security. This is despite a tightening SEC investigation and cancellation Kraken’s crypto staking service with $30 million fine. the sale of securities. The legal director of Coinbase insists that the staking service is not a security and is of a different nature. Coinbase will continue to offer staking service.
“Coinbase’s staking programme is not affected by today’s news. (…) It is clear that Kraken was offering a yield product. Coinbase’s staking service is fundamentally different from securities and is not securities.
Grewal stated this in a statement to Bloomberg News. However, the news still has an impact on the share price for the largest US cryptocurrency exchange. Coinbase shares fell 14%, its largest drop since July 26th. Many believe that Coinbase is currently under investigation by the US for allowing Americans to trade digital assets that should be registered as securities. Source: BloombergCoinbase CEO Brian Armstrong previewed the settlement late Wednesday by criticizing the SEC for allegedly wanting to eliminate cryptocurrency staking by retail investors.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comFoxyCoincu NewsTags: # Cryptocurrencies#MarketsBlockchainCoinbasecryptoSECsecuritystaking service