Coinbase, the largest US cryptocurrency exchange, has submitted a comprehensive petition to the US Securities and Exchange Commission (SEC) that the staking feature is not a security.
In the petition, which was reported to be sent to the SEC by Coinbase and shared with the public on March 20, it was stated that cryptocurrencies providing staking service no securities highlighted. In the petition, staking transactions are not a uniform transaction and that while some models meet the definition of investment contract proposals, others do not.
Coinbase is not what users temporarily give up on coins alternative use of assets It was stated in the petition that there was no joint initiative between users or between users and service providers.
Coinbase’s core staking services “snow expectation” standards because the return rewards received by users are only payments for services provided It was noted that. On the other hand, core mining services Does not meet Howey test criteria marked. Coinbase urges SEC more on its stance towards cryptoassets invited to act constructively.
CEO of Coinbase Brian Armstrong popular US cryptocurrency exchange last month KrakenHe stated that staking services are not securities after . in court will defend had emphasized.