.BernsteinBuzz says regulatory overreach of the crypto market will lead to further movement towards decentralized finance apps, built directly on-chain by anonymous teams. willcanny99 reports. BernsteinGautam
for offering its ‘staking as a service’ program as an unregistered security, prompting concerns of multipronged regulatory action, Bernstein said in a research report Monday.
The allegations against Kraken are related to the exchange’s specific program, the report said. The main question is whether staking itself is a security, or was it specific to the way in which Kraken offered and marketed the program, the report added. “The question remains whether the regulator would go after all staking programs, even if they provide specific disclosures around yield, allow users to actively stake and un-stake their crypto and operate on a pass-through basis, both on returns and costs,” analysts Gautam Chhugani and Manas Agrawal wrote.
Bernstein says a decision by the regulator to prohibit all staking programs may not be straightforward, and some firms could decide to fight against the regulatory stance. The broker notes that the crypto industry still argues that the “absence of crypto-specific guidance or regulation will continue hurting even the good players, who choose to offer transparent staking services, which by itself would not classify as a security, under the Howey test.”relates to the U.
There have been mounting concerns that more severe regulatory action aimed at “choking the fiat on-ramps to crypto” are in the pipeline after the
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