Kraken move should put crypto industry 'on notice,' Gensler says
Securities and Exchange Commission Chair Gary Gensler sent another warning shot to the crypto industry this morning, just a day after the regulator said it settled with the Kraken exchange over allegations surrounding its staking program. Those other platforms should take note of this and seek to come into compliance.
The SEC said Thursday that crypto intermediaries needed to provide "proper disclosures and safeguards required by our securities laws" when offering services such as lending or staking. Kraken subsequently agreed to end its on-chain staking services for U.S. clients only without admitting or denying the allegations. “This really should put everyone on notice in this marketplace whether you call it lend, whether you call it earn, whether you call it yield, whether you offer what’s called an annual percentage yield, APY,” Gensler said on CNBC.
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