Crypto crash incoming? | Crypto Weekly Updates

Kraken to shut down staking services in U.S. U.S. Securities and Exchange Commission (SEC) on the cryptocurrency exchange Kraken for breaking the securities rules by offering crypto staking services to U.S. retail investors.

[{"selector":"#anim-e6cb60ad-54c1-4a48-8878-4d2f2ace3f28 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-2687e18c-b163-4434-978d-2afdd55bf5a4","keyframes":{"transform":["translate3d(98.58156%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0cf6cc69-4129-4a4f-ac0e-4a22c3192226","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b79ed1f0-cf54-436c-b3c9-08011ddffb0a","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

After this news, there is fear in the market that SEC is looking forward to banning the staking services in the U.S. overall. Coinbase CEO Brian Armstrong on Thursday tweeted, “a terrible path for the U.S.” Coinbase also offers to stake service to its U.S. customers.

[{"selector":"#anim-d8303602-3979-41fd-b810-658b42bea192 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-32.6562498947588%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-5d2a14dc-483b-44b6-aa67-94e0af65b811","keyframes":{"transform":["translate3d(97.67982%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-dcca575a-522e-4232-a405-e5c994a87253","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-12b8f324-2204-46b3-9522-6ddedf512b47","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-95f46e81-cfd5-43e7-b3ba-4f2cc95031da","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-eb67ae63-a454-4a95-992b-02f8ad91de57","keyframes":{"transform":["translate3d(0px, -99.29731%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

Ripple Labs CEO of blockchain payments Brad Garlinghouse, says that the US is lacking behind other nations when it comes to providing clear crypto guidelines for the industry.

[{"selector":"#anim-753831f2-5383-4154-afaa-12c917f99c76","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-318aeb59-b508-4c40-bece-f31aed9db994","keyframes":{"transform":["translate3d(0px, -99.86283%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-724bfbca-33e5-402a-8ae0-fa70545b5eaa","keyframes":{"transform":["translate3d(97.91183%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4bf232ea-c1c4-4be1-bae1-7ae40cb0ca6a","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-197fa648-201b-41bf-a038-70bcb5f12778","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

The SEC’s enforcement staff issued a letter to Paxos known as a Wells notice. This notice alleges that Binance USD a stablecoin that is issued by Paxos by licensing the Binance Brand is an unregistered security. BUSD is the world’s third-largest stablecoin behind USDT and USDC, with a market cap of about $16 billion.

[{"selector":"#anim-7992ba2d-06a8-4d56-91c9-3155cdab1378 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.249999886225726%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-0e83edc9-d705-4e12-bd1a-75b3c91e4210","keyframes":{"transform":["translate3d(97.91183%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c7d92222-1a8d-4222-865f-2f0f8bd1f327","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-93bcc972-7da8-4269-a8ea-2432776507ca","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

[{"selector":"#anim-9a153ba1-8a6f-4164-b703-f444626243a2 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(19.71396504337078%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Arrow Learn more