Rumors that US SEC would like to ban crypto staking

[zasad@]

https://www.bloomberg.com/news/articles/2023-02-17/binance-holdings-explores-retreat-from-the-us-as-crypto-crackdown-escalates
https://finance.yahoo.com/news/binance-considers-pulling-back-us-153902920.html?
Binance Considers Pulling Back From US Partners as Crypto Crackdown Escalates

"The company, which operates the world’s largest crypto exchange, is weighing the retreat after its relationships with a key banking partner and stablecoin issuer ran into trouble amid intense scrutiny from authorities, according to a person familiar with the issue. Binance has been probed by the Securities and Exchange Commission, Commodity Futures Trading Commission, Justice Department and the Internal Revenue Service.

Binance Holdings is looking at whether to sever ties with intermediary firms such as banks and services firms and is reassessing venture-capital investments in the US, according to the person, who asked not to be identified discussing details that had not yet been made public. It will consider de-listing tokens from any US-based projects, including Circle’s stablecoin USD Coin, the person said."

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UPD
https://twitter.com/cz_binance/status/1626617772019965952
CZ 🔶 Binance
4. False.

[1715422868]

1715422868

[Oneandpure]

Seems not rumor but have been fact about SEC investigating and try to banned some cryptocurrency staking coins, this time I agree with SEC investigated and their decision to banned with cryptocurrency staking. There are many unacceptable staking coins by giving higher APY reward but bad impact later after staking running price dropped drastically.

I don't know when SEC will adopt this rule and start investigating or banned several cryptocurrency staking coins and restrict access with their country area with coins staking potential become scam later.

[so98nn]

Well they are stopping the staking due to improper operations that are followed by the centralized exchangers. I also heard that they are having such issues because of what happened last year with the FTX issues and other small to big exchanges. The problem in staking is, we literally give away our money in the hands of an exchanger for specific period. So for example if I am staking for 1 year period of time then that is officially their money and they can do whatever the hell they want with it. Over the period of time big company CEO's and owners are using these reserved funds to expand their operations and also use it for personal purposes and most of the entries are missing from the accounting books. This threatens the "savings" of an individual who is staking the money. This is SEC's one of the best decision ever. I think all the operations should move towards PoW and have real mining firing up the way coins work.

[Abiky]

https://www.bloomberg.com/news/articles/2023-02-17/binance-holdings-explores-retreat-from-the-us-as-crypto-crackdown-escalates
https://finance.yahoo.com/news/binance-considers-pulling-back-us-153902920.html?
Binance Considers Pulling Back From US Partners as Crypto Crackdown Escalates

"The company, which operates the world’s largest crypto exchange, is weighing the retreat after its relationships with a key banking partner and stablecoin issuer ran into trouble amid intense scrutiny from authorities, according to a person familiar with the issue. Binance has been probed by the Securities and Exchange Commission, Commodity Futures Trading Commission, Justice Department and the Internal Revenue Service.

Binance Holdings is looking at whether to sever ties with intermediary firms such as banks and services firms and is reassessing venture-capital investments in the US, according to the person, who asked not to be identified discussing details that had not yet been made public. It will consider de-listing tokens from any US-based projects, including Circle’s stablecoin USD Coin, the person said."

That's terrible news. I'm not surprised to read about that, especially when the US has been treating crypto with an "iron fist". Too much restrictions will force crypto businesses to close their doors within the country. That means less tax revenue for the US government. It seems the US is doing this to prevent the US Dollar from losing strength in the mainsteam world. After all, it doesn't want the USD being replaced by another currency as the world's reserve currency. The US will eventually lose as the de-dollarization process has already begun. Countries are adopting alternative currencies at a fast pace (like Bitcoin), so it should only be a matter of time before the USD becomes history.

The SEC might've gone against centralized crypto staking, but that doesn't mean it won't continue to escalate. They might go after decentralized staking platforms if they deem PoS to be a security. I can see how ETH would face further opposition down the road from the US government. Maybe this would be Europe's opportunity to become the next crypto/Blockchain hub? Just my opinion