- The service will be available as usual
- And will continue to be so until the court decision
The Coinbase platform will not shut down the steaking service despite the lawsuits filed. This was announced at the Bloomberg Invest conference by Coinbase CEO Brian Armstrong.
The businessman said that until there is no court decision, the crypto-exchange has the right to continue operating as usual:
“We are not going to wind down the steaking service. As the court case is pending, we will continue to run our regular business.”
Armstrong noted that the steaming service gives the company about 3% of total net revenue.
U.S. regulators are putting a lot of pressure on cryptocurrency exchanges. And this despite the fact that the SEC itself has not set clear rules on how the industry should work. In February, the commission fined the U.S. cryptocurrency exchange Kraken and shut down its stacking program. In April, the SEC accused local crypto platform Bittrex of operating without proper registration.
This week, the turn came to two major crypto exchanges Coinbase and Binance. SEC sued Coinbase on Tuesday for alleged securities violations. And before that, on Monday, the regulator opened a case against Binance over similar allegations.
But Coinbase itself also sued the SEC back in April. They are demanding that the court order them to publicly respond to the 2022 petition asking for clearer cryptocurrency rules. Yesterday the court granted the request. The SEC has a week to provide an answer.