SEC's Crackdown On Crypto Staking Forces Bitstamp To End Service For US Clients
Portfolio Pulse from Murtuza Merchant
Bitstamp, a cryptocurrency exchange, is ending its ether staking program for US clients due to regulatory scrutiny from the Securities and Exchange Commission (SEC). The SEC has been classifying staking services as investment contracts that need to be registered as securities. This follows similar actions by other exchanges such as Kraken and Coinbase Global Inc (NASDAQ:COIN), which have also halted staking services in the US.
August 23, 2023 | 11:22 pm
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NEGATIVE IMPACT
The termination of Bitstamp's staking program could negatively impact the price of Axie Infinity (AXS).
The termination of Bitstamp's staking program could lead to decreased demand for Axie Infinity (AXS), potentially leading to a decrease in its price.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 60
NEGATIVE IMPACT
The termination of Bitstamp's staking program could negatively impact the price of Chiliz (CHZ).
The termination of Bitstamp's staking program could lead to decreased demand for Chiliz (CHZ), potentially leading to a decrease in its price.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 60
NEGATIVE IMPACT
Coinbase Global Inc may face increased regulatory scrutiny and potential legal action from the SEC, which could negatively impact its operations and stock price.
The SEC's increased scrutiny of cryptocurrency staking services could lead to legal action against Coinbase, which has already suspended its staking services in several states. This could negatively impact Coinbase's operations and stock price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The termination of Bitstamp's staking program could negatively impact the price of Decentraland (MANA).
The termination of Bitstamp's staking program could lead to decreased demand for Decentraland (MANA), potentially leading to a decrease in its price.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 60
NEGATIVE IMPACT
The termination of Bitstamp's staking program could negatively impact the price of Polygon (MATIC).
The termination of Bitstamp's staking program could lead to decreased demand for Polygon (MATIC), potentially leading to a decrease in its price.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 60
NEGATIVE IMPACT
The termination of Bitstamp's staking program could negatively impact the price of Near (NEAR).
The termination of Bitstamp's staking program could lead to decreased demand for Near (NEAR), potentially leading to a decrease in its price.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 60
NEGATIVE IMPACT
The termination of Bitstamp's staking program could negatively impact the price of The Sandbox (SAND).
The termination of Bitstamp's staking program could lead to decreased demand for The Sandbox (SAND), potentially leading to a decrease in its price.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 60
NEGATIVE IMPACT
The termination of Bitstamp's staking program could negatively impact the price of Solana (SOL).
The termination of Bitstamp's staking program could lead to decreased demand for Solana (SOL), potentially leading to a decrease in its price.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 60