The cryptocurrency market has turned bearish in the past 24 hours with Bitcoin and Ethereum prices down approximately 4 and 5.6 percent respectively. According to the latest crypto price oracles, the total digital asset’s market capitalization stands at approximately $1.02 trillion, down about 4 percent on Friday. While a crypto market correction had been predicted in the past few weeks, the announcement that the SEC is bound to ban staking-as-a-services has exacerbated the decline.
As the fear of further capitulation increases, crypto liquidations, totaling over $223 million, has intensified in the past 24 hours. Huge transfers of Circle’s USDC token have been observed in the past 24 hours, often a characteristic of impending volatility.
Gary Gensler on Crypto Staking
On Thursday, the United States Securities and Exchange Commission (SEC) charged the Kraken cryptocurrency exchange with failure to register the offer and sale of its digital asset staking-as-a-service program. As a result, Kraken has agreed to cease offering crypto staking programs and had to pay $30 million in disgorgement, prejudgment interest, and civil penalties.
“Whether it’s through staking-as-a-service, lending, or other means, crypto intermediaries, when offering investment contracts in exchange for investors’ tokens, need to provide the proper disclosures and safeguards required by our securities laws,” said SEC Chair Gary Gensler.
The agency’s move has, however, been condemned by the crypto community and also some lawmakers. For instance, the United States House Majority Whip Tom Emmer has argued that the SEC is hurting Americans more as the staking services are available off-shore.
Nonetheless, MicroStrategy’s chairman Michael Saylor has backed Gensler’s action by reiterating the old crypto slang; not your keys not your coins.
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