Kraken discontinues crypto staking programme and pays $30 million
Comments from Zoe Wyatt following the news that crypto exchange Kraken will discontinue its crypto staking programme and pay $30 million in a settlement with the US Securities and Exchange Commission.
Further to the news that crypto exchange Kraken will discontinue its crypto staking programme and pay $30 million in a settlement with the US Securities and Exchange Commission, below the comments from Zoe Wyatt (Citywealth Crypto Accredited), Partner and Head of Crypto at specialist tax advisory firm, Andersen LLP.
Zoe Wyatt: “Shutting down staking for retail investors isn’t the solution; to do so hinders the transfer of wealth and power. But appropriate transparency and understanding of the associated risk are needed. Retail investors must be clear that staking their cryptoassets in exchange for extraordinary returns is an extremely high risk, given their volatility and the way in which some platforms rehypothecate those cryptoassets to pay the returns.
Industry has a responsibility to educate the consumer. Industry and regulators need to come together to create rules that protect the consumer without stifling innovation and opportunity.”
If you wish to be considered for the Citywealth Crypto Accreditation, please click here: https://citywealth.typeform.com/crypto-research
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