SEC Targets Proof of Stake
IMPORTANT clarification for those freaking out.
This DOES NOT mean the US wants to ban proof of stake. Now, take a deep breath.
Gary Gensler and the SEC believes that exchanges offering staking services are classified as a security.
In fact, Kraken just decided that they will haunt their staking services to avoid legal issues.
What's this mean for Proof of Stake coins?
Well, it means that more people must learn to run their own node to stake rather than trusting a central exchange. WHICH IS AWESOME!
If the collapse of...
- FTX
- 3AC
- Celsius
- BlockFi
- MT. Gox
- Quadriga...
...taught us anything... it's GET YOUR ASSETS OFF EXCHANGES!
Do not trust them for the sake of convenience. Prioritize self sovereignty and be your own bank.
Proof of Stake isn't going anywhere.
I'm not a fan of the SEC by any means but the second order effects of prohibiting exchanges should be positive for the crypto space.
In fact, we can thank the SEC for helping make Proof of Stake more resilient by improving the decentralization of projects through flexing their indecisive power.
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