Hey Peeps!

On February 12th, the Co-Founder and CEO of Coinbase, Brian Armstrong, tweeted out to the world that the crypto exchange is ready to defend their staking services in court. 

The tweet provides a link to a Coinbase blog post, which is essentially the company's preemptive defense of their staking services before the U.S. Securities and Exchange Commission (SEC) comes knocking on their door. 

This comes after Brian Armstrong says he has heard rumors that "the SEC would like to get rid of crypto staking in the U.S. for retail customers".

It does not seem like a rumor after the SEC recently settled with the crypto exchange Kraken and forced them to stop their staking services to U.S. customers. 

Here is the tweet from Brian Armstrong:

"Blockchain technology can spur significant economic growth in the US and staking is a safe and critical aspect of that technology. Coinbase supports sensible regulation in our industry. But regulation by enforcement that does nothing to help consumers and drives innovation offshore is not the answer. Getting it right on staking matters." 

- Paul Grewal, Chief Legal Officer of Coinbase

Personally, I am happy to see Coinbase come out strongly like this, even if it is a little late, and clearly to save themselves.

Despite all that, it is crucial for one of the most prominent crypto exchanges to lead the fight against this rampant attack on crypto and staking by the SEC and other regulatory agencies. 

I recently wrote about Paxos beginning to gear up for their fight against the SEC over the issuance of the Binance-branded stablecoin, Binance USD (BUSD).

With Coinbase and Paxos standing their ground, I think this will set the stage for other targeted crypto companies to join them in their fight.

I believe the SEC and regulatory agencies do not fully understand cryptocurrency and the services that can be provided. I think we need more discussion instead of just blind regulation and enforcement. 

This attack on staking in the United States helps no one. 

What do you think of this move by Coinbase? 

Is it smart to get out ahead of this and try to put the pressure on regulatory agencies to clearly define what they want from crypto companies?

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