• The US Securities and Exchange Commission (SEC) has recently launched an attack on crypto exchange Kraken, forcing them to halt their staking program and pay a $30 million fine.
• The Washington DC-based Blockchain Association of over 100 crypto companies has responded by stating that the SEC’s action is part of the ongoing attack on the industry.
• SEC Commissioner Hester Peirce has criticized the agency’s actions, noting that it risks driving innovation offshore and taking away online freedoms from individual users.
SEC Attack on Crypto Exchange Kraken
The US Securities and Exchange Commission (SEC) has recently launched an attack on crypto exchange Kraken, forcing them to halt their staking program and pay a $30 million fine for failing to go through the necessary registration process.
Blockchain Association’s Response
The Washington DC-based Blockchain Association of over 100 crypto companies has issued a statement in response to this action, claiming that it is part of the ongoing attack on the industry. The Association believes that this decision affects the potential of public blockchain networks in the country and wants lawmakers in Congress to help prevent these attacks from happening again.
Criticism From SEC Commissioner
SEC Commissioner Hester Peirce has also criticized the agency’s actions against US crypto companies, noting that it risks driving innovation offshore and taking away online freedoms from individual users. She believes that only Congress should determine appropriate legislation for this new technology instead of regulators enforcing their own rules.
Potential Impact On Crypto Sector
Many believe that a victory for the SEC against Ripple Labs could spell doom for the entire crypto sector due to its implications on other projects as well. This makes these recent attacks concerning since they could potentially weaken or even destroy various blockchain networks if they are not properly regulated or taken care off by Congress.
Conclusion
Overall, these latest developments demonstrate how important it is for Congress to get involved in setting up proper policies for both exchanges as well as individual users so that everyone may benefit from decentralized networks without fear of being penalized by regulators or having their online freedoms taken away from them.
