XRP News: U.S. Securities and Exchange Commission (SEC) has been under the scrutiny of major crypto leaders over its regulatory overreach over the digital asset market. However, the latest reports and comments from the experts suggest that the commission is seeking a possible ban on crypto staking.
SEC Pushing War Against Crypto?
John Deaton, Amicus Curiae in the XRP lawsuit reacted to the recent rumor that the SEC is now going after the crypto staking. He stated that it is an all out war by the U.S. SEC chair, Gary Gensler. However, he stated that the commission isn’t letting up just because Congress is inept and has broken both at the same time.
Coingape reported that Brain Armstrong, COINBASE CEO stated that he got some rumors that the US watchdog is likely working to get rid of crypto staking. He added that regulation by enforcement doesn’t work as it encourages firms to go offshore and operate. This is as same as what happened with the FTX.
XRP holders’ lawyer highlighted that Sam Bankman-Fried (SBF), the alleged person behind the FTX collapse, had multiple meetings with the U.S. SEC and Gary Gensler. However, the SEC was unable to prevent the horrible crypto market collapse. Read More XRP News Here….
ADA Founder Supporting SEC Ban on Crypto Staking?
Charles Hoskinson called Ethereum Staking “Problematic”. ADA founder stated that temporarily giving up assets in order to get returns looks like regulated products. However, he brought up Noncustodial liquid staking and labeled them as mining pools.
Deaton inquired why the SEC chair didn’t make meetings with the U.S. largest crypto exchange, Coinbase. Why didn’t the commission work out with Coinbase which happens to be a transparent public company? He asserted that the SEC chair is involved in the bigging of legacy players.
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