Coinbase submits petition to SEC explaining that staking will not be securities

United States-based crypto trade Coinbase (NASDAQ:) determined to speak proactively on crypto staking, which had just lately attracted regulators’ consideration. The corporate’s petition to the Securities and Trade Fee (SEC) explains why staking can’t be universally labeled as securities.

The “Petition for Rulemaking” was printed by Coinbase on March 20. In an 18-page doc, the agency centered on how securities legislation treats providers associated to validating proof-of-stake protocols. It was written in response to the SEC’s February crackdown on Kraken’s staking program — the SEC charged the trade with “failing to register the provide and sale of their crypto asset staking-as-a-service program,” which it certified as securities.

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