XRP News Major crypto leaders have criticized the U.S. Securities and Exchange Commission (SEC) for its regulatory overreach into the market for digital assets. But according to the most recent information and expert opinions, the commission may be looking to outlaw crypto staking.
SEC Trying to Fight Crypto?
Amicus Curiae in the XRP litigation John Deaton responded to the latest news that the SEC is now targeting cryptocurrency staking. He claimed that Gary Gensler, the chairman of the U.S. SEC, is waging an all-out war. He did, however, add that the panel isn’t backing down just because Congress is incompetent and has simultaneously broken both.
According to Coingape, Coinbase CEO Brain Armstrong said that he heard suspicions that the US government is reportedly trying to ban crypto staking.
The attorney for XRP holders emphasized that Gary Gensler and the U.S. SEC met with Sam Bankman-Fried (SBF), the accused mastermind of the FTX crash, several times. The terrible fall of the cryptocurrency market was something that the SEC could not stop.
Supporting SEC Ban on Crypto Staking: ADA Founder
According to the founder of ADA, temporarily handing up assets in exchange for rewards resembles regulated products. He mentioned noncustodial liquid staking, nevertheless, and referred to them as mining pools.
Deaton questioned the SEC chair’s decision not to arrange talks with Coinbase, the country’s largest cryptocurrency exchange.