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Coinbase Drops Most Since July as SEC Cracks Down on Crypto Staking

  • Coinbase says staking product continues to be available
  • The largest US exchange’s shares fell 14%, the most since July
Bloomberg business news
SEC Chair Gensler on Kraken Settlement, Crypto Oversight
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Coinbase Global Inc.’s shares fell the most in more than six months after rival Kraken was forced to stop providing an investment service also offered by the largest US cryptocurrency exchange.

Kraken will pay $30 million to settle Securities and Exchange Commission allegations that it broke US rules with its crypto staking products and will discontinue them in the US as part of the agreement with the regulator. The SEC alleged that Kraken’s staking service was an illegal sale of securities.