- The service will be available as usual
- And so it will continue until the decision of the court
The Coinbase platform will not shut down staking services despite the lawsuits filed. About it declared at the Bloomberg Invest conference, Coinbase CEO Brian Armstrong.
According to the businessman, while there is no court decision, the crypto exchange has the right to continue working as usual:
“We are not going to phase out the staking service. Since the court case is pending, we will continue to conduct business as usual.”
Armstrong noted that the staking service gives the company about 3% of its total net income.
US regulators are putting a lot of pressure on crypto exchanges. This is despite the fact that the SEC itself has not set clear rules for how the industry should operate. In February, the commission fined the American crypto exchange Kraken and closed its staking program. In April, the SEC accused the local crypto platform Bittrex of operating without proper registration.
This week, the turn came to the two largest crypto exchanges Coinbase and Binance. The SEC sued Coinbase on Tuesday for allegedly violating securities regulations. And before that, on Monday, the regulator opened a case against Binance on similar charges.
But Coinbase itself also filed a lawsuit against the SEC back in April. They are demanding that a court order them to publicly respond to a 2022 petition asking for clearer cryptocurrency regulations. Yesterday, the court granted this requirement. The SEC has a week to provide a response.