Japanese crypto exchange SBI VC Trade, a subsidiary of SBI Holdings, announced yesterday that staking rewards have been distributed to customers for its designated altcoin projects.
Good news for three altcoins from Japanese giant SBI!
The firm announced this in a press release announcing the rewards for staked Polkadot (DOT), Cardano (ADA), and Avalanche (AVAX), setting the annual rates at 13.9%, 2.6%, and 5.2%, respectively. Meanwhile, Tezos (XTZ) holders will have to wait until March 15 for staking rewards. SBI VC Trade attributes the delay to a delay caused by the ‘XTZ specifications’. Especially the famous XRP phenomenon Crypto Eri shared the development with a tweet yesterday.
US investors react to regulatory restrictions
The latest development has sparked backlash among crypto investors in the US who believe they have been deprived of these opportunities due to recent crypto enforcement actions by the US Securities and Exchange Commission (SEC). One user urged lawmakers to rein in the agency, claiming that Japanese regulators are handling things better. Another called the SEC a ‘joke’ and claimed that the emerging market was moving abroad.
cryptocoin.comAs you follow, the SEC recently forced Kraken’s staking service for US investors to shut down as part of a settlement that would allow the longstanding crypto exchange to pay around $30 million in penalties. The regulator specifically claims that the staking service represents an unregistered security.
In a statement on the deal, SEC chairman Gary Gensler warned the industry that he expects companies that provide this service to register with the SEC. Coinbase, the largest US crypto exchange, said that its staking service does not represent unregistered securities, and that the company’s CEO, Brian Armstrong, is willing to defend the crypto exchange’s stance in court.
It is worth noting that Ripple Chief Executive Brad Garlinghouse, responding to the latest SEC push, pointed out that non-US regions are moving towards regulatory clarity for crypto. NoodleofBinance, a widely followed crypto account, stated in a Twitter thread yesterday that it announced plans to lift Hong Kong’s embargo on retail crypto trading by June 1.
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