The SEC fines Kraken the crypto currency trading exchange $30 Million for failing to register the offer and sale of their crypto asset

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The SEC fines Kraken the crypto currency trading exchange $30 Million for failing to register the offer and sale of their crypto asset staking-as-a-service program.

“Whether it’s through staking-as-a-service, lending, or other means, crypto intermediaries, when offering investment contracts in exchange for investors’ tokens, need to provide the proper disclosures and safeguards required by our securities laws,” said SEC Chair Gary Gensler. “Today’s action should make clear to the marketplace that staking-as-a-service providers must register and provide full, fair, and truthful disclosure and investor protection.”

Regulators are moving to regulate crypto assets and trading.

Ted Dziekanowski

#crypto #cryptocurreny #crytporegulation

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