SEC announced Kraken had settled charges violated securities laws by failing to register offer and sale of crypto asset staking-as-a-service program. To settle charges rather than fight Kraken agreed to pay $30 million in fines and discontinue offering its staking service.
The Securities and Exchange Commission’s latest action against the cryptocurrency world came from a $30 million fine extracted from exchange Kraken over its staking service. The move is causing concern for crypto companies that more action might be coming down the line.
For months, cryptocurrency FTX (and its majority owner, Sam Bankman-Fried) have been the lender of last resort in crypto markets and pretty much the only distressed acquirer around. Now we learn that FTX has itself failed and is getting scooped.