The SEC has hit crypto exchange Kraken with a $30 million fine and ordered it to halt its staking program in the U.S. The move comes after SEC chief Gary Gensler warned in late 2022 that proof-of-stake assets could be considered securities under U.S. law. The SEC has come in for criticism over its stance, with Coinbase CEO Brian Armstrong arguing earlier this week that preventing U.S. citizens from staking crypto would be a “terrible path.” SEC Commissioner Hester Peirce, meanwhile, decried the regulator’s habit of crypto regulation through enforcement, calling it, “not an efficient or fair way of regulating.”
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