Coinbase, a leading US-based crypto exchange, has proactively filed a petition with the Securities and Exchange Commission (SEC) addressing the classification of crypto staking. The petition comes in response to the SEC’s recent crackdown on Kraken’s staking program, which the regulator labeled as securities. In its 18-page document, Coinbase argues that staking should not be universally considered securities, as it encompasses various models with differing characteristics.
Read CRYPTONEWSLAND onThe company emphasizes that core staking services, in particular, do not meet the criteria of the Howey test, as they do not involve the investment of money. Instead, users temporarily give up the alternative use of their assets. Coinbase’s petition aims to clarify the distinction between different types of staking and their relation to securities law.
Simultaneously, the Australian Prudential Regulation Authority (APRA) is increasing its scrutiny of the banking sector’s exposure to crypto-related companies, following the collapse of Silicon Valley Bank. The regulator has requested local banks to enhance their reporting on crypto assets and provide daily updates. This increased supervision aims to gather more information on the risks associated with banking exposures to the crypto industry and improve overall understanding of the sector.
In other news, Charles Hoskinson, CEO of Cardano, takes to Twitter and YouTube to discuss the present traditional banking system in the United States. In particular, he emphasizes the failure of the prominent traditional institutions Silicon Valley Bank and Credit Suisse.
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