{"id":10274,"date":"2023-02-09T17:59:50","date_gmt":"2023-02-09T17:59:50","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=10274"},"modified":"2023-02-09T17:59:51","modified_gmt":"2023-02-09T17:59:51","slug":"coinbase-ceo-brian-armstrong-expresses-concern-over-rumors-of-sec-ban-on-crypto-staking-for-retail-customers","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=10274","title":{"rendered":"Coinbase CEO Brian Armstrong Expresses Concern Over Rumors of SEC Ban on Crypto Staking for Retail Customers"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>Brian Armstrong, CEO of Coinbase, expressed concern about rumors that the U.S. Securities and Exchange Commission (SEC) may eliminate cryptocurrency staking for retail customers in the United States. Armstrong insisted that \u201cstaking is not a security\u201d and that the trend allows users to \u201cparticipate directly in running open crypto networks.\u201d<\/strong><\/p>\n<h2>Coinbase CEO Vocalizes Worry Over US Stifling Crypto Staking and Innovation<\/h2>\n<p>Coinbase CEO Brian Armstrong said he has heard rumors that the U.S. Securities and Exchange Commission (SEC) plans to eliminate cryptocurrency staking for retail customers in the U.S. Armstrong shared his views on Twitter and stated that he doesn\u2019t believe the top securities regulator should ban cryptocurrency staking in the country. \u201cI hope that\u2019s not the case,\u201d Armstrong wrote, \u201cas I believe it would be a terrible path for the U.S. if that were allowed to happen.\u201d<\/p>\n<p>Sharing a \u201cprimer\u201d on the subject written by Paradigm, Armstrong stressed that staking is not a security. \u201cStaking is a really important innovation in crypto,\u201d the Coinbase CEO said. \u201cIt 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.\u201d<\/p>\n<\/p>\n<p>Armstrong argued that new technologies need to be fostered, not stifled, in the U.S. and that it is important for the country to have clear rules for financial services and Web3 industries for national security reasons. \u201cRegulation by enforcement doesn\u2019t work,\u201d Armstrong said. \u201cIt encourages companies to operate offshore, as happened with FTX.\u201d Not everyone agreed with Armstrong, as some quickly criticized staking and decentralized finance (defi). \u201cIt\u2019s almost like defi and staking isn\u2019t decentralized,\u201d one person quipped in Armstrong\u2019s Twitter thread.<\/p>\n<p>Others poked fun at SEC Chairman Gary Gensler with a picture that included a quote that said: \u201cGuess it\u2019s time for more protection.\u201d Another individual tweeted, \u201cRealistically, the Howey test is so broad that pretty much everything is a security. The real test is whether the SEC wants to\/feels like it can regulate the thing.\u201d Armstrong hopes that the industry will work together to establish clear rules and \u201csensible solutions\u201d that protect consumers while also \u201cpreserving innovation and national security interests\u201d in the country.<\/p>\n<p>Tags in this story<\/p>\n<p>ban, Brian Armstrong, ceo, clear rules, Coinbase, companies, Consumers, Criticism, Crypto, Cryptocurrency, Decentralized finance (Defi), Financial Services, fostered, ftx, Gary Gensler, Howey Test, increased security, Innovation, National Security, national security interests, new technologies, offshore, open crypto networks, primers, reduced carbon footprints, regulation by enforcement, Regulations, regulator, retail customers, rumors, Scalability, SEC, sec chairman, securities regulator, sensible solutions, staking, stifled, Twitter, views, Web3 industries<\/p>\n<p><em><strong>What do you think about Brian Armstrong\u2019s hearing rumors about the potential ban on cryptocurrency staking by the SEC? Share your thoughts in the comments below.<\/strong><\/em><\/p>\n<p>Jamie Redman <\/p>\n<p class=\"article__body__author__info__about\">\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.<\/p>\n<p><i class=\"td-icon-font td-icon-twitter\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/coinbase-ceo-brian-armstrong-expresses-concern-over-rumors-of-sec-ban-on-crypto-staking-for-retail-customers\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Brian Armstrong, CEO of Coinbase, expressed concern about rumors that the U.S. Securities and Exchange Commission (SEC) may eliminate cryptocurrency staking for retail customers in the United States. Armstrong insisted that \u201cstaking is not a security\u201d and that the trend allows users to \u201cparticipate directly in running open crypto networks.\u201d Coinbase CEO Vocalizes Worry Over [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10275,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-10274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10274","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10274"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10274\/revisions"}],"predecessor-version":[{"id":10276,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10274\/revisions\/10276"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/10275"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}