US SEC May Ban Crypto Staking – Coinbase CEO

February 9, 2023

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US SEC May Ban Crypto Staking – Coinbase CEO

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The US Securities and Exchange Commission is looking to ban retail crypto staking, Coinbase CEO Brian Armstrong revealed in a recent tweet.

According to Armstrong, there are rumors that the US SEC wants to get rid of crypto staking.

“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,” he added in a Wednesday tweet.

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

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What is Staking in Crypto?

Staking in crypto is a way to earn rewards from crypto through the deposition of crypto into a contract.

Current crypto that allows staking include Ethereum, Solana, Bitcoin, Cosmos, and Cardano.

Crypto staking is however considered to be much more scalable and efficient compared to alternatives like Bitcoin mining.

Brian Armstrong said in the tweet the importance of staking.

“It allows users to participate directly in running open crypto networks. Staking brings many positive improvements to the space, including scalability, increased security, and reduced carbon footprints,” he said.

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