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A statement from SEC Comissioner Hester Peirce: https://www.sec.gov/news/statement/peirce-statement-kraken-020923 https://www.sec.gov/news/statement/peirce-sta

A statement from SEC Comissioner Hester Peirce: https://www.sec.gov/news/statement/peirce-statement-kraken-020923 https://www.sec.gov/news/statement/peirce-statement-kraken-0...

kranke155 4y ago
Mrs. Hester Pierce has my respect. Absolutely bizarre decision by the SEC.
rabf 4y ago
The one sane voice at the SEC.
- rekoil 4y ago
  What? Isn't she the one most fervently working against increased stock market transparency? I'd say apart from this little quote she's by far the least sane voice at the SEC from what I've seen.
codetrotter 4y ago
> Most concerning, though, is that our solution to a failure to register violation is to shut down entirely a program that has served people well. The program will no longer be available in the United States, and Kraken is enjoined from ever offering a staking service, registered or not. A paternalistic and lazy regulator settles on a solution like the one in this settlement: do not initiate a public process to develop a workable registration process that provides valuable information to investors, just shut it down. Well said by SEC Commissioner Hester M. Peirce
- powera 4y ago
  A program "that has served people well" ... yet is both optically and legally the same as "Gemini Earn", which has currently lost everybody's money. When dealing with creative villains, the lazy approach is sometimes best. If Kraken can't manage the bare minimum on compliance on their own, there is no reason the government should help them; better to be "lazy" and shut it down.
Nursie 4y ago
So I guess we know which SEC commissioner is a crypto-bagholder then. If crypto offerings are not making it through the registration pipeline, perhaps its because of the massive risks and manipulation inherent in the ecosystem, making it effectively impossible to "provide full, fair, and truthful disclosure and investor protection"
- hn_throwaway_99 4y ago
  > So I guess we know which SEC commissioner is a crypto-bagholder then. I've seen this kind of argument all over different forums recently, and I find it bizarre: 1. Someone posts a reasonable, logical point on a particular topic. 2. Someone else disagrees, and instead of finding fault with the argument, they make the comment "poster must just be a member of <tribe I disagree with>". To be blunt, it makes your argument incredibly weak. It makes me think you are the type of person who is so wedded to your tribalism that you can't fathom that other people can have logical thoughts that are not based on their tribal membership. I may think 99% of crypto deserves to die in a fire, but I thought this was very well-reasoned commentary by the SEC commissioner.
  - Nursie 4y ago
    I have found fault with the argument, you just needed to read past the first sentence of my post. I think the fact you clearly haven’t makes your response very weak. She’s complaining that there is no real way for crypto companies to register these schemes because they don’t get through the registration pipeline. I’m positing that that’s for very good reason.
    - hn_throwaway_99 4y ago
      > I have found fault with the argument, you just needed to read past the first sentence of my post. My whole point is that you should have left that first sentence out. It immediately makes me discount your comment because it is insincere and points to you making emotional arguments that are pulled out of thin air.
    - 4y ago

A statement from SEC Comissioner Hester Peirce: https://www.sec.gov/news/statement/peirce-statement-kraken-020923 https://www.sec.gov/news/statement/peirce-statement-kraken-0...

kranke155 4y ago

Mrs. Hester Pierce has my respect. Absolutely bizarre decision by the SEC.

rabf 4y ago

The one sane voice at the SEC.

rekoil 4y ago
What? Isn't she the one most fervently working against increased stock market transparency? I'd say apart from this little quote she's by far the least sane voice at the SEC from what I've seen.

codetrotter 4y ago

> Most concerning, though, is that our solution to a failure to register violation is to shut down entirely a program that has served people well. The program will no longer be available in the United States, and Kraken is enjoined from ever offering a staking service, registered or not. A paternalistic and lazy regulator settles on a solution like the one in this settlement: do not initiate a public process to develop a workable registration process that provides valuable information to investors, just shut it down. Well said by SEC Commissioner Hester M. Peirce

powera 4y ago
A program "that has served people well" ... yet is both optically and legally the same as "Gemini Earn", which has currently lost everybody's money. When dealing with creative villains, the lazy approach is sometimes best. If Kraken can't manage the bare minimum on compliance on their own, there is no reason the government should help them; better to be "lazy" and shut it down.

Nursie 4y ago

So I guess we know which SEC commissioner is a crypto-bagholder then. If crypto offerings are not making it through the registration pipeline, perhaps its because of the massive risks and manipulation inherent in the ecosystem, making it effectively impossible to "provide full, fair, and truthful disclosure and investor protection"

hn_throwaway_99 4y ago
> So I guess we know which SEC commissioner is a crypto-bagholder then. I've seen this kind of argument all over different forums recently, and I find it bizarre: 1. Someone posts a reasonable, logical point on a particular topic. 2. Someone else disagrees, and instead of finding fault with the argument, they make the comment "poster must just be a member of <tribe I disagree with>". To be blunt, it makes your argument incredibly weak. It makes me think you are the type of person who is so wedded to your tribalism that you can't fathom that other people can have logical thoughts that are not based on their tribal membership. I may think 99% of crypto deserves to die in a fire, but I thought this was very well-reasoned commentary by the SEC commissioner.
- Nursie 4y ago
  I have found fault with the argument, you just needed to read past the first sentence of my post. I think the fact you clearly haven’t makes your response very weak. She’s complaining that there is no real way for crypto companies to register these schemes because they don’t get through the registration pipeline. I’m positing that that’s for very good reason.
  - hn_throwaway_99 4y ago
    > I have found fault with the argument, you just needed to read past the first sentence of my post. My whole point is that you should have left that first sentence out. It immediately makes me discount your comment because it is insincere and points to you making emotional arguments that are pulled out of thin air.
  - 4y ago