This should be bullish for Bitcoin and it's PoW

[pawanjain]

Isn't the ban on staking in the USA supposed to be bullish for bitcoin and other proof of work crypto projects? I only heard not to stake on centralized exchanges but not the same for mining in the USA, so if you are in America you are free to fire on your Asic miners.  All Hail to PoW algorithm.

I think you have got it wrong. The news was that SEC is charging against Kraken for allowing users to stake on it's exchange.
As per the US laws and regulations it isn't allowed which is why they are charging up against Kraken.
This does not mean it is a good news for bitcoin. It simply means that US citizens won't be able to stake on exchanges.

[BenCodie]

Isn't the ban on staking in the USA supposed to be bullish for bitcoin and other proof of work crypto projects?

How is that supposed to be, they ban bitcoin or not isn't a determinant for its adoption since it's a decentralized network that works with the blockchain technology, there are no other proof of work that is recognized aside bitcoin, other cryptocurrencies were PoS as long as they were centralized, other crypto projects uses smart contracts and the likes but bitcoin mining is basically strict on PoW.

I assume the OPs logic is that money will flow out of "banned" cryptocurrencies or at least the action of staking in cryptocurrencies that have this feature, meaning that money will flow back into Bitcoin, as it is not a staking coin. This logic is sound to me 

[darkangel11]

I assume the OPs logic is that money will flow out of "banned" cryptocurrencies or at least the action of staking in cryptocurrencies that have this feature, meaning that money will flow back into Bitcoin, as it is not a staking coin. This logic is sound to me 

There's some logic in it when you think about how people often spread their investment into multiple coins. Some investors have 100k in crypto and 30k out of it is in bitcoin and the other 70k in various altcoins like ETH, ADA, XRP... If these get labelled as securities and/or get their staking banned these investors will probably move to other coins instead of leaving the market and going back to stocks or bonds. The crypto market would take a hit for sure but bitcoin's cap would increase. We all know that value flows from bitcoin to altcoins in bull market and the other way round in bear market.

[hatshepsut93]

I don't think it's bullish because if shitcoin investors will lose opportunity to invest in shitcoins, they'll likely switch to something other than Bitcoin. Bitcoin is not exciting enough for them, because bull markets happen once in 4 years, and they want to get rich in a year or less.

In my experience few things in this world are actually bullish or bearish for Bitcoin. In my 7 years in Bitcoin community I've seen so many "this is bullish/bearish" predictions and almost none of them materialized.

[GreatArkansas]

Isn't the ban on staking in the USA supposed to be bullish for bitcoin and other proof of work crypto projects? I only heard not to stake on centralized exchanges but not the same for mining in the USA, so if you are in America you are free to fire on your Asic miners.  All Hail to PoW algorithm.

I think that this issue is only given to centralized platforms like exchanges. Yes, I believe Bitcoin is bullish about this news, and I agree with it. But I am thinking that other platforms bullish here are platforms in decentralized finance (defi) like decentralized exchanges or some staking service that offers staking using decentralized finance (defi) which is all transparent.

[LegendaryK]

Isn't the ban on staking in the USA supposed to be bullish for bitcoin and other proof of work crypto projects? I only heard not to stake on centralized exchanges but not the same for mining in the USA, so if you are in America you are free to fire on your Asic miners.  All Hail to PoW algorithm.

Nope, no ban on staking in the US.

https://www.youtube.com/watch?v=qz4JPXmMexQ
Kraken is paying a fine for offering an unregistered staking service in the US.
Kraken is still offering a staking service to all other countries unaffected.

Their are no laws in the US banning staking for individuals.
Coinbase is still staking for their US clients with no issues.


FYI:
Staking can earn for anyone.  

Proof of waste mining only earns if
You are stealing electricity
or
You can affordable multi-millions of dollars in warehouses full of asics, and millions in energy costs per month.