US Crypto Staking Crackdown Seen as ‘Huge Gift’ for Decentralized Services
- Crypto exchanges are facing potential bans on staking services
- Decentralized staking platforms may gain more market share
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Decentralized finance apps such as Lido, Rocket Pool and StakeWise may benefit from the US Securities & Exchange Commission’s crackdown on crypto staking services — if they avoid a similar clampdown.
The US-based exchange Kraken agreed Thursday to pay $30 million to settle SEC allegations that its crypto staking products broke rules. The platform will discontinue the products 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.