The “Petition for Rulemaking” was published by Coinbase on March 20. In an 18-page document, the firm focused on how securities law treats services related to validating proof-of-stake protocols. It was written in response to the SEC’s February crackdown on Kraken’s staking program — the SEC charged the exchange with “failing to register the offer and sale of their crypto asset staking-as-a-service program,” which it qualified as securities.
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