Members of the crypto community are seemingly outraged over the recent charges laid against crypto exchange Kraken in relation to its staking-as-a-service program in the United States.
On Feb. 9, the United States Securities Exchange Commission (SEC) announced it had settled charges with Kraken over “failing to register the offer and sale of their crypto asset staking-as-a-service program,” which it claims is qualified as securities under its purview.
Kraken agreed to settle the charges by paying $30 million in fines and to immediately cease the staking services to U.S. retail investors, though it would continue to be offered offshore.
The move appears to have attracted the ire of not only the general crypto community, but also of investors, politicians, and industry executives.
Cinneamhain Ventures partner and Ethereum bull, Adam Cochran called out SEC chief Gary Gensler, describing him as “an agent of an anti-crypto agenda” rather than a regulator while questioning why the same standards weren’t applied to Sam Bankman-Fried and FTX:
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Gensler is not a regulator. He is an agent of an anti-crypto agenda, who only aims to wield his power as cudgel for those he doesn’t agree with.
So the big question then, is why didn’t FTX get this treatment?
Whose pocket is he in?
— Adam Cochran (adamscochran.eth) (@adamscochran) February 9, 2023
In a Feb. 9 statement shared on Twitter, Kristin Smith, CEO of the Blockchain Association suggested the situation at hand is a textbook example as to why Congress — not the SEC — should be working with industry players to forge appropriate legislation:
The following statement is attributed to @KMSmithDC in response to today’s settlement between the SEC and Kraken:https://t.co/32KysvKfz0 pic.twitter.com/8vkWZXB6a2
— Blockchain Association (@BlockchainAssn) February 9, 2023
U.S. Congressman Tom Emmer — who has long been a critic of Gary Gensler — reiterated the importance of staking in the crypto ecosystem.
In a Feb. 9…
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