The Blockchain Association is calling on Congress to step in and end the SEC’s “assault” on the crypto industry
Blockchain Association CEO Kristin Smith has released a statement on the US Securities and Exchange Commission’s crackdown on crypto exchange Kraken.
The Washington DC-based organization, which represents more than 100 crypto companies in a push to improve public policy for blockchain networks on Capitol Hill, says the SEC’s actions are part of an ongoing attack on a new industry.
“The SEC continues its assault on US crypto companies and retail investors, regulating by enforcement and undermining the potential of public blockchain networks in the US.
Staking is an important part of the crypto ecosystem, allowing individuals to participate in decentralized networks and giving investors more opportunities to earn passive income.”
The SEC accused Kraken of “failing to register the offering and sale of its crypto-asset staking-as-a-service program Kraken staking, which allows crypto users to unlock their coins and take part in the blockchain validation process, for a reward.”
Kraken settled, paid a $30 million fine, and agreed to immediately remove the stake from the platform.
The Blockchain Association is urging lawmakers in Congress to step in and prevent the crypto industry and its participants from moving offshore.
“Today’s settlement is not law, but is yet another example of why we need Congress — not regulators — to determine appropriate legislation for this new technology. Otherwise, the US risks driving innovation offshore and taking online freedoms from individual users.”
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