Brian Armstrong, CEO of Coinbase, expressed concern about rumors that the U.S. Securities and Exchange Commission (SEC) may eliminate cryptocurrency staking for retail customers in the United States. Armstrong insisted that “staking is not a security” and that the trend allows users to “participate directly in running open crypto networks.”
Coinbase CEO Brian Armstrong said he has heard rumors that the U.S. Securities and Exchange Commission (SEC) plans to eliminate cryptocurrency staking for retail customers in the U.S. Armstrong shared his views on Twitter and stated that he doesn’t believe the top securities regulator should ban cryptocurrency staking in the country. “I hope that’s not the case,” Armstrong wrote, “as I believe it would be a terrible path for the U.S. if that were allowed to happen.”
Sharing a “primer” on the subject written by Paradigm, Armstrong stressed that staking is not a security. “Staking is a really important innovation in crypto,” the Coinbase CEO said. “It allows users to participate directly in running open crypto networks. Staking brings many positive improvements to the space, including scalability, increased security, and reduced carbon footprints.”
Armstrong argued that new technologies need to be fostered, not stifled, in the U.S. and that it is important for the country to have clear rules for financial services and Web3 industries for national security reasons. “Regulation by enforcement doesn’t work,” Armstrong said. “It encourages companies to operate offshore, as happened with FTX.” Not everyone agreed with Armstrong, as some quickly criticized staking and decentralized finance (defi). “It’s almost like defi and staking isn’t decentralized,” one person quipped in Armstrong’s Twitter thread.
Others poked fun at SEC Chairman Gary Gensler with a picture that included a quote that said: “Guess it’s time for more protection.” Another individual tweeted, “Realistically, the Howey test is so broad that pretty much everything is a security. The real test is whether the SEC wants to/feels like it can regulate the thing.” Armstrong hopes that the industry will work together to establish clear rules and “sensible solutions” that protect consumers while also “preserving innovation and national security interests” in the country.
What do you think about Brian Armstrong’s hearing rumors about the potential ban on cryptocurrency staking by the SEC? Share your thoughts in the comments below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.
Brian Armstrong, CEO of Coinbase, expressed concern about rumors that the U.S. Securities and Exchange Commission (SEC) may eliminate cryptocurrency staking for retail customers in the United States. Armstrong insisted that “staking is not a security” and that the trend allows users to “participate directly in running open crypto networks.”
Coinbase CEO Brian Armstrong said he has heard rumors that the U.S. Securities and Exchange Commission (SEC) plans to eliminate cryptocurrency staking for retail customers in the U.S. Armstrong shared his views on Twitter and stated that he doesn’t believe the top securities regulator should ban cryptocurrency staking in the country. “I hope that’s not the case,” Armstrong wrote, “as I believe it would be a terrible path for the U.S. if that were allowed to happen.”
Sharing a “primer” on the subject written by Paradigm, Armstrong stressed that staking is not a security. “Staking is a really important innovation in crypto,” the Coinbase CEO said. “It allows users to participate directly in running open crypto networks. Staking brings many positive improvements to the space, including scalability, increased security, and reduced carbon footprints.”
Armstrong argued that new technologies need to be fostered, not stifled, in the U.S. and that it is important for the country to have clear rules for financial services and Web3 industries for national security reasons. “Regulation by enforcement doesn’t work,” Armstrong said. “It encourages companies to operate offshore, as happened with FTX.” Not everyone agreed with Armstrong, as some quickly criticized staking and decentralized finance (defi). “It’s almost like defi and staking isn’t decentralized,” one person quipped in Armstrong’s Twitter thread.
Others poked fun at SEC Chairman Gary Gensler with a picture that included a quote that said: “Guess it’s time for more protection.” Another individual tweeted, “Realistically, the Howey test is so broad that pretty much everything is a security. The real test is whether the SEC wants to/feels like it can regulate the thing.” Armstrong hopes that the industry will work together to establish clear rules and “sensible solutions” that protect consumers while also “preserving innovation and national security interests” in the country.
What do you think about Brian Armstrong’s hearing rumors about the potential ban on cryptocurrency staking by the SEC? Share your thoughts in the comments below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.
Chainlink rallied to a three-month high during Thursday’s session, despite a red wave sweeping through cryptocurrency markets. Today’s surge came as the token broke out of a key resistance level. Dogecoin, on the other hand, was victim to today’s market sell-off, falling to a ten-day low in the process.
Chainlink (LINK) raced to a three-month high earlier in the day, as prices broke out of a key resistance level.
LINK/USD moved to a peak of $7.75 during Thursday’s session, which follows on from a bottom at $6.91 the day prior.
As a result of today’s surge, LINK jumped to its strongest point since November 8, when the token traded at a high of $9.48.
Looking at the chart, Thursday’s rally took place as bulls broke out of a ceiling at the $7.55 level.
The 14-day relative strength index (RSI) also broke out of a resistance of its own at 59.00, and is currently tracking at 61.58.
Should momentum continue in this direction, traders will likely be attempting to take profits closer to the 64.00 mark on the RSI indicator.
Whilst LINK hit a multi-month high, dogecoin (DOGE) fell victim to today’s crypto red wave, with prices falling by nearly 5%.
Following a high of $0.09226 on Wednesday, the meme coin slipped to an intraday low of $0.08635 earlier today.
This resulted in DOGE moving to its weakest point since January 30, nearing a recent price floor in the process.
The aforementioned point of support is at the $0.0850 mark, which has mostly held firm since mid-January.
Whilst the price floor attempted to stabilize, the support of 53.00 on the RSI indicator caved in, with the index now tracking at 50.00.
Despite this, bulls have moved to buy this dip, with overall market momentum still marginally bullish, as can be seen on the moving averages.
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Could dogecoin rebound higher as the week progresses? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days
Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.
Source From : News