The SEC's investigation into crypto exchanges has put staking products in the spotlight, but coinbase CEO Brian Armstrong is standing firm on the position that they are not securities. (Reporting via forgeforth_)
Armstrong’s explanation mirrors the guidance provided by Coinbase’s chief legal officer Paul Grewal, who told shareholders last month that the exchange’s staking products fundamentally differ from the yield products the SEC is targeting. Grewal was referring specifically to the SEC’s recent enforcement action
, which settled with the securities regulator for allegedly failing to register its staking-as-a-service program. As part of its settlement, Kraken agreed to pay $30 million in disgorgement, prejudgment interest and civil penalties.. Specifically, the regulator is investigating whether Coinbase’s staking products meet the legal definition of a security under the U.S. Securities Act.during crypto winter, posting a $557 million loss in the fourth quarter.
After falling 86% in 2022, Coinbase's share price has rebounded sharply this year. The stock is currently trading around $64, having gained over 90% in 2023.
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