🚨Crypto Staking BANNED BY THE SEC?!! (WHAT you MUST KNOW!!!) ☠️☠️☠️
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TIMESTAMPS:
00:00 Crypto staking banned by the SEC.
00:35 Breaking news
02:40 What are they after?
04:38 Getting rid of crypto staking
06:10 Decentralized staking
07:12 Are we going back to new lows?
09:28 350,000 subscribers! Giveaway.
10:03 New channels
10:42 Join the class & VIP group
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📰 BREAKING NEWS!
Kraken reaches $30M settlement with SEC over staking as IRS seeks user information
“Kraken not only offered investors outsized returns untethered to any economic realities, but also retained the right to pay them no returns at all,” said Gurbir Grewal.
Cryptocurrency exchange Kraken has reached an agreement with the United States Securities and Exchange Commission to stop offering staking services or programs to U.S. clients.
In a Feb. 9 announcement, the SEC said it had charged Kraken with “failing to register the offer and sale of their crypto asset staking-as-a-service program,” which the commission claims qualified as securities under its purview. The crypto firm has agreed to cease operations of its staking program for U.S. customers as well as pay $30 million in disgorgement, prejudgment interest and civil penalties.
“Kraken not only offered investors outsized returns untethered to any economic realities, but also retained the right to pay them no returns at all,” said the SEC’s Division of Enforcement director, Gurbir Grewal. “All the while, it provided them zero insight into, among other things, its financial condition and whether it even had the means of paying the marketed returns in the first place.”
Source: https://cointelegraph.com/news/kraken-reaches-30m-settle
🙋 What Is Staking In Crypto:
Staking is when you lock crypto assets for a set period of time to help support the operation of a blockchain. In return for staking your crypto, you earn more cryptocurrency.
Many blockchains use a proof of stake consensus mechanism. Under this system, network participants who want to support the blockchain by validating new transactions and adding new blocks must “stake” set sums of cryptocurrency.
Staking helps ensure that only legitimate data and transactions are added to a blockchain.
Source: https://www.forbes.com/advisor/in/investing/cryptocurrency/what-is-staking-in-crypto/
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Please always check with a professional before making any decisions with your money. These videos are for educational purposes only and I am not responsible for your actions in any way. No official financial advice is being given. Never listen to anyone online who tells you to not check with a professional! Joe Parys is not providing you with individual investment advice. Joe Parys is not registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. Joe Parys is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.
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