SEC crackdown could ‘benefit’ decentralized staking if it isn’t banned – Lido exec

Jacob Blish, caput of concern improvement astatine the decentralized autonomous enactment (DAO) that runs Lido Finance, said the SEC’s enforcement actions are apt a “net benefit” for decentralized liquid staking providers but added that it “really depends connected what the last solution is,” Bloomberg News reported.

“The astir disappointing happening is we arsenic an manufacture support getting asked for transparency, but past maine arsenic a U.S. citizen, I get nary transparency and however [the regulatory] decision-making process is going.”

According to Blish, decentralized staking platforms like  Lido enactment arsenic the “plumbing” required successful a staking service. The platforms connection a bundle service, and it is up to the idiosyncratic whether to usage it oregon not — the idiosyncratic has “full control.”

This differs from however staking provided by centralized exchanges works, wherever users manus implicit the power of assets to the exchange.

Blish’s comments travel Kraken’s $30 million colony with the SEC and the closure of its staking work successful the U.S. The SEC claimed that Kraken provided unregistered securities done its staking service.

According to Blish, the biggest hazard of the SEC’s enforcement enactment against Kraken is simply a prohibition connected U.S. citizens from interacting with oregon contributing to staking protocols

An outright prohibition connected crypto staking information could not lone halt users from staking assets but could besides perchance unit contributors to wantonness projects, helium added.

The station SEC crackdown could ‘benefit’ decentralized staking if it isn’t banned – Lido exec appeared archetypal connected CryptoSlate.