In a blog post published on February 10, Paul Grewal, chief legal officer of Coinbase, states how getting the securities issue wrong in regulation might affect the whole crypto industry in the US.
Coinbase Argues Its Staking Services Are Not Securities, Criticizes SEC Regulatory Approach
Staking is not a security under the US Securities Act, nor under the Howey test. Trying to superimpose securities law onto a process like staking doesn’t help consumers at all and instead imposes unnecessarily aggressive mandates that will prevent US consumers from accessing basic crypto services.the way that the U.S. SEC is handling cryptocurrency regulation, explaining that regulation by enforcement is a “poor substitute” to actual rulemaking.
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