SNEAK PEAK:
- Coinbase’s CEO is worried about the SEC’s plans for cryptocurrency staking.
- Getting rid of crypto staking would be a terrible path for the U.S.
- Staking represents a major technological advancement for the cryptocurrency industry.
On Twitter, the Chief Executive Officer of Coinbase, Brian Armstrong, expressed his concerns regarding the Securities and Exchange Commission (SEC), saying that he has received claims that the SEC wants to eliminate crypto staking in the United States for retail customers.
Brian proceeded to voice his worry by saying, “I hope that’s not the case as I feel it would be a horrible manner for the United States if it was let to happen if it was allowed to happen.”
1/ We’re hearing rumors that the SEC would like to get rid of crypto staking in the U.S. for retail customers. I hope that’s not the case as I believe it would be a terrible path for the U.S. if that was allowed to happen.
— Brian Armstrong (@brian_armstrong) February 8, 2023
The concept of staking represents a major technological advancement for the cryptocurrency industry. To put it another way, it facilitates user involvement in the management of public cryptographic infrastructures. Enhancements in scalability, security, and lower energy use are just a few of the numerous benefits of staking.
Armstrong proceeded by claiming that since there is a lack of clear criteria, the expansion and acceptance of new technologies in the United States need to be encouraged rather than suppressed, and that this should be done despite the fact that there are no clear guidelines. “It is very necessary to construct and grow these capabilities in the United States in order to guarantee the integrity of both our monetary system and our Web3 services”.
4/ We need to make sure that new technologies are encouraged to grow in the US, and not stifled by lack of clear rules. When it comes to financial services and web3, it’s a matter of national security that these capabilities be built out in the U.S.
— Brian Armstrong (@brian_armstrong) February 8, 2023
The failure of the FTX cryptocurrency exchange firm in November of last year sent a wave of dread over the cryptocurrency market, which has led to the current situation. Because of this, the SEC has determined that one of its top priorities for the year 2023 will be to monitor the markets for digital assets and cryptocurrencies.