Stakes High for Stablecoins as Staking Draws SEC Scrutiny – PYMNTS.com
The regulatory gaze deepens in the crypto sphere, and while the headlines seem focused on cryptocurrencies, the reverberations will be felt with stablecoins too.
Much may be at stake with staking.
As reported Tuesday (June 6), and as noted here, the Securities and Exchange Commission (SEC) filed 13 charges Monday (June 5) against the world’s largest crypto exchange, Binance, and its founder, Changpeng Zhao, alleging a variety of securities law violations.
In the announcement, the SEC also said that it has charged Coinbase with “failing to register the offer and sale of its crypto asset staking-as-a-service program.” In the statement, the SEC alleged that, for the past roughly four years, “Coinbase has been engaging in an unregistered securities offering through its staking-as-a-service program, which allows customers to earn profits from the ‘proof of stake’ mechanisms of certain blockchains and Coinbase’s efforts.” Members of the pooled stakeable crypto assets get rewards…
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source: https://news.oneseocompany.com/2023/06/06/stakes-high-for-stablecoins-as-staking-draws-sec-scrutiny-pymntscom_2023060645740.html
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