We learned last night that the US Kraken platform was under attack from the SEC, forcing the company to discontinue its staking services of cryptocurrencies for its American customers. At stake, the potential qualification of securities concerning said services allowing passive returns, observed with a suspicious eye by the national stock market policeman. Since then, the industry has been buzzing with worried rumors about the future of all crypto assets operating in PoS (Proof of Stake), first and foremost Ethereum. since recently. Enough for some big players like Consensys and Coinbase to step up.
Ethereum staking: reassuring ConsenSys
It is by the voice of Joe Lubinco-founder of Ethereum and the ConsenSys Foundation that the first reassuring news of the past 12 hours is issued: little chance that Ethereum (and its staking, therefore) will be affected by the decisions of the SEC.
“I think it’s as likely, and would have the same impact, as if Uber were made illegal. There would be a huge outcry from not only the crypto community, but also from different politicians and some regulators”
It may of course be objected that the vague mood swings of a few rare “crypto-bro”, even amplified by a handful of friendly politicians, could weigh very little against the vindictiveness of the all-powerful SEC. However, Lubin is certain of it: all of this stems in particular from a misunderstanding:
“Regulators are just trying to figure out what tokens are, and have been for 5 years. They thought at the time that everything was a security. We – I think – helped them significantly understand that a lot of tokens aren’t titles, then they’re gone and Gary and the team now think almost everything is a title. There are many use cases that do not designate ETH as security. There is no centralized set of promoters or coordinators who specifically seek to increase the value of Ether and enrich investors”
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Coinbase is resisting
The boss of Coinbase Brian Armstrong has for its part made it known that its platform does not plan to interrupt its staking services for its customers.
Armstrong, who no one is unaware of that he does not have particularly cordial relations with US regulators, took the opportunity to wrap himself in the posture of one who fights for inclusion and financial freedom, against wind, tide and changing moods of the stock market policeman.
“We will continue to fight for economic freedom (our mission at Coinbase). Some days being the most trusted brand in crypto means protecting our customers from government excesses. »
If this morning the crypto market suffers the blow, and wakes up in a twilight atmosphere (which contrasts cruelly with the atmosphere of the last few days), we will agree that the watchword in high places is simple: don’t panic (for the moment).
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