In what is clearly an attempt to avoid any legal turmoil, such as that faced by Kraken, Coinbase is updating its staking policy. Instead of Coinbase being the one to provide the reward, it's making it clear that the rewards are coming from the protocols themselves.

It's pretty obvious here that Coinbase is removing themselves from the equation, so that they aren't hit by fines from the SEC over their staking services. The company has made it abundantly clear that the staking features will still be available.

CEO Brian Armstrong recently discussed the situation with staking on an episode of the Bankless podcast. “The financial system needs to be updated. It’s slow, it’s archaic. The code is from 40 years ago like the laws are from 100 years ago." He added, "I believe crypto can update the financial system...if we elect representatives in a democracy who believe in our values around economic freedom, then all of these regulatory challenges will end up in a good place."

So, despite what Gary Gensler has to say about staking, it appears that Coinbase will continue to offer the service. It's pretty clear that Brian Armstrong is adamant about keeping it going, with the legal bounds.

Coinbase’s staking program is not a security. We feel comfortable defending that in any way that’s needed.

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