Well, well, well! Look who’s back in the staking game! After a two-year snooze fest, crypto exchange Kraken has finally decided to wake up and smell the digital coffee. Yes, folks, US clients can now stake their precious assets again! 🎊
It’s been a long, torturous wait since 2023 when Kraken hit the pause button after a rather expensive chat with the Securities and Exchange Commission (SEC). Apparently, a multimillion-dollar settlement was the price for their little “oopsie” moment. Who knew staking could be so scandalous? 😱
Now, customers in 37 states can dive back into the staking pool with a whopping 17 digital assets to choose from, including the ever-popular Ether (ETH), SOL (SOL), and Cardano‘s ADA (ADA). It’s like a buffet, but for your crypto! 🍽️
Kraken was one of the pioneers of staking services back in 2019, but they had to hit the brakes in February 2023. Talk about a dramatic plot twist! The SEC wasn’t having any of it, and they made sure Kraken knew it.
SEC vs. Kraken: The Showdown Continues! 🎭
In February 2023, the SEC decided to play detective and launched a probe into Kraken for allegedly breaking US securities laws. Apparently, they forgot to register their staking service. Oops! 😬
The SEC claimed Kraken didn’t provide the necessary risk disclosures to clients who were happily handing over their staked tokens to validators. It’s like giving your car keys to a stranger and hoping for the best! 🚗💨
Former SEC Director Gurbir S. Grewal even accused Kraken of promising “outsized returns untethered to any economic realities.” Sounds like someone was living in a fantasy world! 🌈
After a few weeks of legal drama, Kraken settled with the SEC. But wait, there’s more! In November 2023, the SEC decided to sue Kraken again, claiming they were operating as an unregistered securities broker. Plot twist! 📜
The lawsuit accused Kraken of mixing customer funds like a cocktail and playing multiple roles without the proper licenses. Talk about a multi-tasking nightmare! 🍹
Kraken wasn’t going down without a fight, arguing that the SEC didn’t have the authority to regulate the crypto markets. A bold move, but the judge wasn’t having it. On January 24, Judge William Orrick tossed Kraken’s defense out the window. But don’t worry, he did say they could bring it up again later. So, stay tuned! 📺
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2025-01-31 00:01