Coinbase’s Staking Service Faces Questions After Kraken’s SEC Settlement

Coinbase Chief Authorized Officer Paul Grewal argued on Twitter on Thursday that his trade’s staking enterprise is “basically completely different” from Kraken’s, which he described as a “yield product.” And he reiterated this in an announcement to CoinDesk on Friday, saying that “Coinbase’s staking program is just not affected by [the Kraken] information. Staking on Coinbase continues to be obtainable and staked belongings proceed to earn protocol rewards. What’s clear from [the] announcement is that Kraken was primarily providing a yield product. Coinbase’s staking providers are basically completely different and will not be securities. For instance, our prospects’ rewards rely upon the rewards paid by the protocol, and commissions we disclose. Guidelines making clear these distinctions would offer actual readability to shoppers, buyers, and the business.”