Crypto community reacts furiously to SEC indictment of Kraken

Yesterday evening it was announced that the SEC is suing the crypto exchange Kraken for allegedly offering unregistered staking services. Kraken pays $30 million in a settlement and stops offering strike services in the United States. Both the crypto and the financial world reacted with horror to the SEC’s decision.

Criticism against SEC mounts

In addition to prominent figures in crypto land, big names in the financial and political world are also not pleased with the SEC’s action. For example, SEC Chairman Gary Gensler described as “representative of an anti-crypto agenda”, rather than a regulator.

Also Kristin Smith, CEO of the Blockchain Association, was critical. She believes that the SEC is endangering the future of the crypto industry with the attack on crypto companies. It also dupes private investors. She proposes that the US Congress take over the SEC’s role in regulating the crypto industry.

US Congressman Tom Emmer agrees with Smith. According to him the SEC’s current approach is counterproductive. The crypto industry in the US would benefit much more if the SEC were less hostile. It hurts normal people the most, and all technology will leave America.

Michael Saylor agrees with SEC

Not everyone was so critical. Our big Bitcoin fanatic Michael Saylor agreed with the SEC’s decision. According to him, only one crypto is worth money and that is bitcoin (BTC). Staking tokens means you relinquish control over them, says Saylor. “The SEC understands the importance of self-custody,” he tweeted.

Tensions between the SEC and the crypto sector are therefore running high again. Who will pull the longest straw this time remains to be seen. What is clear is that the criticism of SEC Chairman Gary Gensler is reaching unparalleled proportions.

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