Coinbase Submits Petition to the US SEC, Stressing that Encrypted Asset Pledges Are Not Securities

Coinbase filed a petition with the U.S. Securities and Exchange Commission (SEC) in response to the U.S. SEC’s crackdown on the Kraken staking program in February, which focused on the securities law treatment of services related to proof-of-stake (PoS) protocol verification, saying that staking is not a single The concept of operation, although some existing models may fall under the definition of investment contract products, but other models obviously cannot, emphasizing that the core pledge service does not meet the Howey test standard, that is, the pledge of encrypted assets does not belong to the category of securities.