{"id":607382,"date":"2023-02-12T23:49:13","date_gmt":"2023-02-13T05:49:13","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/02\/12\/kraken-ceo-expresses-regret-over-paying-30m-to-the-sec\/"},"modified":"2023-02-12T23:49:13","modified_gmt":"2023-02-13T05:49:13","slug":"kraken-ceo-expresses-regret-over-paying-30m-to-the-sec","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/02\/12\/kraken-ceo-expresses-regret-over-paying-30m-to-the-sec\/","title":{"rendered":"Kraken CEO Expresses Regret Over Paying $30m to the SEC"},"content":{"rendered":"
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Gary Gensler and the Securities and Exchange Commission (SEC) have accused Kraken, a prominent cryptocurrency exchange, of violating securities laws. In response, Kraken has agreed to pay a $30 million fine and has reached a permanent agreement to cease its staking services in the United States, which has been met with disappointment from the cryptocurrency community.\u00a0<\/p>\n

Following the resolution of the issue, Kraken CEO Jesse Powell has expressed regret over the settlement and acknowledges that the outcome might have been prevented if he had acted differently.<\/p>\n

Powell Speaks Out\u00a0<\/strong><\/h2>\n

During an interview with CNBC, Gensler revealed that Kraken was offering returns on cryptocurrency tokens to its customers, ranging from 4% to 21%. Unfortunately, the exchange allegedly failed to warn its customers of the potential risks they faced.<\/p>\n

Gensler suggested that Kraken was aware of the registration process, which involves completing a form on the SEC\u2019s official website for full transparency to investors.<\/p>\n

Jesse Powell responded to these allegations, stating that all he had to do was fill out a form on a website to inform others that staking benefits were provided through staking. He regrets not having taken this step before being forced to pay a $30 million fine.<\/p>\n

Earlier, Powell had said:<\/p>\n

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\u201cI honestly hope that somebody proves, in court, that there is a legal, user-friendly version of custodial staking that can be offered to US consumers\u2026It\u2019ll be a brutal, lengthy, expensive fight \u2026 but the industry and the USA will be extremely grateful.\u201d<\/p>\n<\/blockquote>\n

The CEO of Kraken said that his company did not take on the SEC due to the low expected return of a court battle. He added that the SEC singled out Kraken during a bear market when it had to lay off 30% of its workforce because the agency knew it lacked the capacity to fight back.<\/p>\n<\/div>\n

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Qadir AK<\/a><\/h3>\n

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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\n Qadir AK<\/p>\n","protected":false},"excerpt":{"rendered":"

Gary Gensler and the Securities and Exchange Commission (SEC) have accused Kraken, a prominent cryptocurrency exchange, of violating securities laws. In response, Kraken has agreed to pay a $30 million fine and has reached a permanent agreement to cease its staking services in the United States, which has been met with disappointment from the cryptocurrency<\/p>\n","protected":false},"author":1,"featured_media":607383,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22714,38717],"tags":[],"class_list":{"0":"post-607382","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-expresses","8":"category-kraken"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/607382","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=607382"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/607382\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/607383"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=607382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=607382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=607382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}