Week 6 of 2023 - An overview
Today we charged Kraken with failing to register the offer and sale of their crypto asset staking-as-a-service program, whereby investors transfer crypto assets to Kraken for staking in exchange for advertised annual investment returns of as much as 21 percent.
— U.S. Securities and Exchange Commission (@SECGov) February 9, 2023
After a great start to 2023, we're seeing our first minor pullback of the year. This is entirely healthy for the market as investors and traders lock in profits. As per my monthly recap for January 2023, I still believe Bitcoin (BTC) will range between $18k-$25k for the foreseeable. As long as Bitcoin holds support around $18,600 I believe we're in a healthy market. Holding $21,000 would be the best case.
What else has been happening?
As the well-known saying goes, “First they ignore you, then they laugh at you, then they fight you, then you win.”. This certainly feels like we're in a then they fight you stage. Coinbase CEO Brian Armstrong sounded the alarm that Crypto in the US is under attack.
SEC announced that they are charging Kraken for "failing to register the offer and sale of their crypto asset staking-as-a-service program agreed to immediately cease offering or selling securities through crypto asset staking services or staking programs and pay $30 million in disgorgement, interest, and penalties."
The word "securities" reinforces the SEC's belief that many Proof-of-Stake Crypto projects are in fact securities.
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