Bill Strait❓Feb 10, 2023
Lol, #Ethereum breaks free of fossil fuels, for the most part, and the SEC decides the mechanism they used should be illegal? What the actual hell is going on?
Show threadEdmund EdgarFeb 10, 2023

@SweetBilliam TBF it's a hosted staking service they're going after, not actual staking.

If Kraken ran the same service where you send them money, they do X with it, then they pay you what they see fit regardless of their actual returns from X, it would be equally illegal if X was not staking but "run a lemonade stand" or "put the money on a dog"

Show threadBill Strait❓Feb 10, 2023

@edmundedgar
I lack 27 eth to stake on my own. Instead I've let Coinbase do my staking. I'm pretty happy with the arrangement.

The reading I've done makes it sound like the SEC wants a bunch of disclosures... But they shut Kraken's staking pool down anyway. Seems to me that they want something else.

Show threadEdmund EdgarFeb 10, 2023
@SweetBilliam I mean they probably want registration as a security, along with all the disclosures. Not clear if they're going after coinbase too, they have a slightly more defensible setup iiuc
Show threadEdmund Edgar
@SweetBilliam Anyhow if they shut coinbase staking down there's still rocketpool which also avoids you losing your money if coinbase goes bust
Feb 10, 2023 at 9:21amWeb