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SEC Commissioner Expresses Displeasure with Agency's Decision on Kraken Staking Program Closure

The United States Securities and Exchange Commission (SEC) has recently faced criticism from one of its own Commissioners, Hester Pierce, regarding the shutdown of cryptocurrency exchange Kraken's staking program in the country. In a statement titled "Kraken Down," Commissioner Pierce expressed her disappointment with the regulator's decision to shut down a program that she deemed as having served users effectively. She described the SEC's approach to regulating the emerging cryptocurrency industry as inefficient and unfair, and suggested that the regulator should have engaged in a public process to establish a registration process that provides useful information to investors, instead of relying solely on enforcement actions. The SEC charged Kraken with failing to register its staking-as-a-service program and imposed a $30 million USD fine along with a cease and desist order for staking operations in the US, which the exchange has agreed to, according to reports by Cointelegraph. However, Commissioner Pierce's criticism of the SEC's decision was echoed by Coinbase CEO and co-founder Brian Armstrong, who expressed agreement with Pierce's views on the inefficiency and unfairness of regulation by enforcement in the emerging cryptocurrency industry. This is not the first time Commissioner Pierce has been a vocal advocate for the cryptocurrency industry. She previously proposed a safe harbor system for token projects building decentralized networks, in which developers would receive a three-year grace period to operate without fear of SEC legal action. The recent shutdown of Kraken's staking program has received widespread criticism from the cryptocurrency industry, including Commissioner Pierce and CEO Armstrong, as well as the broader community, who view it as a setback for the emerging industry and a step away from advancing the space. Source: https://rb.gy/8wt1qy

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