<\/p>\n
<\/noscript><\/a><\/section>\n<\/div>\n<\/div>\nJesse Powell, co-founder and outgoing CEO of Kraken, commented on his company’s decision to halt its US staking services in a series of tweets on Feb. 9.<\/p>\nKraken leader comments on the settlement<\/h2>\nKraken reached a settlement<\/a> with the US Securities and Exchange Commission that forced it to pay $30 million and discontinue staking services for US clients. Kraken’s staking services allegedly constitute a securities offering.<\/p>\nPowell personally commented on<\/a> those events today. He wrote:<\/p>\n\n\u201cI honestly hope that someone proves, in court, that there is a legal, user-friendly version of custodial staking that can be offered to US consumers\u2026It’ll be a brutal, lengthy, expensive fight \u2026 but the industry and the USA will be extremely grateful.”<\/span><\/p>\n<\/blockquote>\nPowell explained that Kraken did not fight the SEC because of “risk-adjusted return,” implying that an unlikely victory would not be worth the legal costs.<\/p>\nHe said that although other companies might have the resources to defend themselves, the SEC targeted Kraken during a bear market and waited for it to lay off 30% of its staff<\/a>, ,They have all our financials, lots of leverage,” Powell said. \u201cMaybe we looked weak.<\/span>,<\/p>\nPowell made those comments in support of Paul Grewal, chief legal officer at the competing exchange Coinbase. Grewal is currently trying to explain how Coinbase’s staking service differs from Kraken’s \u2014 presumably in an attempt to fend off possible SEC action.<\/p>\nPowell replies to officials and lawmakers<\/h2>\nPowell also replied to SEC commissioner Hester Peirce, who yesterday criticized her agency for not setting out a compliance path for Kraken and other crypto companies.<\/p>\nHe said that “guidance would be appreciated.” writing<\/a>,<\/p>\n\n\u201cThe ‘This is wrong but I won’t tell you how to do it right. Want to find out if X works? Try it and see what happens. approach does not help the industry nor consumers. We aren’t anti-regulation but we need a clear path to operate.”<\/p>\n<\/blockquote>\nPowell agreed with statements from Congress member Tom Emmer, a noted pro-crypto legislator who advocated against the SEC’s “purgatory strategy”. Powell wrote<\/a>,<\/p>\n\n\u201cCongress must act to protect the domestic crypto industry and US consumers who will now be going offshore to obtain services no longer available in the US.\u201d<\/span><\/p>\n<\/blockquote>\nEmmer similarly warned of staking-related opportunities moving offshore.<\/p>\nPowell advocates for decentralized staking.<\/h2>\nAlthough Powell lamented the discontinuation of Kraken’s staking service, he noted that users can engage in decentralized staking on Ethereum<\/a>, He said that he \u201chighly recommend[s]This if one has the technical ability and the required minimum holdings (32 ETH).<\/p>\nPowell also advocated for an alternative staking model in response to a comment from NuCypher CEO MacLane Wilkison. There, Powell called demurrage-based staking “the superior model.” In this approach, unstaked tokens are slashed or burned, while staked tokens maintain their regular value. Because this system does not require the distribution of rewards, it would presumably be difficult for regulators to take action against it.<\/p>\nJesse Powell’s comments carry weight due to his leadership position at Kraken. Although he announced that he would step down as CEO<\/a> Last year, his Twitter bio says he is still in the role as of today, and he remains the company’s most public-facing executive.<\/p>\n<\/div>\n
Jesse Powell, co-founder and outgoing CEO of Kraken, commented on his company’s decision to halt its US staking services in a series of tweets on Feb. 9.<\/p>\n
Kraken reached a settlement<\/a> with the US Securities and Exchange Commission that forced it to pay $30 million and discontinue staking services for US clients. Kraken’s staking services allegedly constitute a securities offering.<\/p>\nPowell personally commented on<\/a> those events today. He wrote:<\/p>\n\n\u201cI honestly hope that someone proves, in court, that there is a legal, user-friendly version of custodial staking that can be offered to US consumers\u2026It’ll be a brutal, lengthy, expensive fight \u2026 but the industry and the USA will be extremely grateful.”<\/span><\/p>\n<\/blockquote>\nPowell explained that Kraken did not fight the SEC because of “risk-adjusted return,” implying that an unlikely victory would not be worth the legal costs.<\/p>\nHe said that although other companies might have the resources to defend themselves, the SEC targeted Kraken during a bear market and waited for it to lay off 30% of its staff<\/a>, ,They have all our financials, lots of leverage,” Powell said. \u201cMaybe we looked weak.<\/span>,<\/p>\nPowell made those comments in support of Paul Grewal, chief legal officer at the competing exchange Coinbase. Grewal is currently trying to explain how Coinbase’s staking service differs from Kraken’s \u2014 presumably in an attempt to fend off possible SEC action.<\/p>\nPowell replies to officials and lawmakers<\/h2>\nPowell also replied to SEC commissioner Hester Peirce, who yesterday criticized her agency for not setting out a compliance path for Kraken and other crypto companies.<\/p>\nHe said that “guidance would be appreciated.” writing<\/a>,<\/p>\n\n\u201cThe ‘This is wrong but I won’t tell you how to do it right. Want to find out if X works? Try it and see what happens. approach does not help the industry nor consumers. We aren’t anti-regulation but we need a clear path to operate.”<\/p>\n<\/blockquote>\nPowell agreed with statements from Congress member Tom Emmer, a noted pro-crypto legislator who advocated against the SEC’s “purgatory strategy”. Powell wrote<\/a>,<\/p>\n\n\u201cCongress must act to protect the domestic crypto industry and US consumers who will now be going offshore to obtain services no longer available in the US.\u201d<\/span><\/p>\n<\/blockquote>\nEmmer similarly warned of staking-related opportunities moving offshore.<\/p>\nPowell advocates for decentralized staking.<\/h2>\nAlthough Powell lamented the discontinuation of Kraken’s staking service, he noted that users can engage in decentralized staking on Ethereum<\/a>, He said that he \u201chighly recommend[s]This if one has the technical ability and the required minimum holdings (32 ETH).<\/p>\nPowell also advocated for an alternative staking model in response to a comment from NuCypher CEO MacLane Wilkison. There, Powell called demurrage-based staking “the superior model.” In this approach, unstaked tokens are slashed or burned, while staked tokens maintain their regular value. Because this system does not require the distribution of rewards, it would presumably be difficult for regulators to take action against it.<\/p>\nJesse Powell’s comments carry weight due to his leadership position at Kraken. Although he announced that he would step down as CEO<\/a> Last year, his Twitter bio says he is still in the role as of today, and he remains the company’s most public-facing executive.<\/p>\n<\/div>\n
Powell personally commented on<\/a> those events today. He wrote:<\/p>\n\n\u201cI honestly hope that someone proves, in court, that there is a legal, user-friendly version of custodial staking that can be offered to US consumers\u2026It’ll be a brutal, lengthy, expensive fight \u2026 but the industry and the USA will be extremely grateful.”<\/span><\/p>\n<\/blockquote>\nPowell explained that Kraken did not fight the SEC because of “risk-adjusted return,” implying that an unlikely victory would not be worth the legal costs.<\/p>\nHe said that although other companies might have the resources to defend themselves, the SEC targeted Kraken during a bear market and waited for it to lay off 30% of its staff<\/a>, ,They have all our financials, lots of leverage,” Powell said. \u201cMaybe we looked weak.<\/span>,<\/p>\nPowell made those comments in support of Paul Grewal, chief legal officer at the competing exchange Coinbase. Grewal is currently trying to explain how Coinbase’s staking service differs from Kraken’s \u2014 presumably in an attempt to fend off possible SEC action.<\/p>\nPowell replies to officials and lawmakers<\/h2>\nPowell also replied to SEC commissioner Hester Peirce, who yesterday criticized her agency for not setting out a compliance path for Kraken and other crypto companies.<\/p>\nHe said that “guidance would be appreciated.” writing<\/a>,<\/p>\n\n\u201cThe ‘This is wrong but I won’t tell you how to do it right. Want to find out if X works? Try it and see what happens. approach does not help the industry nor consumers. We aren’t anti-regulation but we need a clear path to operate.”<\/p>\n<\/blockquote>\nPowell agreed with statements from Congress member Tom Emmer, a noted pro-crypto legislator who advocated against the SEC’s “purgatory strategy”. Powell wrote<\/a>,<\/p>\n\n\u201cCongress must act to protect the domestic crypto industry and US consumers who will now be going offshore to obtain services no longer available in the US.\u201d<\/span><\/p>\n<\/blockquote>\nEmmer similarly warned of staking-related opportunities moving offshore.<\/p>\nPowell advocates for decentralized staking.<\/h2>\nAlthough Powell lamented the discontinuation of Kraken’s staking service, he noted that users can engage in decentralized staking on Ethereum<\/a>, He said that he \u201chighly recommend[s]This if one has the technical ability and the required minimum holdings (32 ETH).<\/p>\nPowell also advocated for an alternative staking model in response to a comment from NuCypher CEO MacLane Wilkison. There, Powell called demurrage-based staking “the superior model.” In this approach, unstaked tokens are slashed or burned, while staked tokens maintain their regular value. Because this system does not require the distribution of rewards, it would presumably be difficult for regulators to take action against it.<\/p>\nJesse Powell’s comments carry weight due to his leadership position at Kraken. Although he announced that he would step down as CEO<\/a> Last year, his Twitter bio says he is still in the role as of today, and he remains the company’s most public-facing executive.<\/p>\n<\/div>\n
\n\u201cI honestly hope that someone proves, in court, that there is a legal, user-friendly version of custodial staking that can be offered to US consumers\u2026It’ll be a brutal, lengthy, expensive fight \u2026 but the industry and the USA will be extremely grateful.”<\/span><\/p>\n<\/blockquote>\nPowell explained that Kraken did not fight the SEC because of “risk-adjusted return,” implying that an unlikely victory would not be worth the legal costs.<\/p>\nHe said that although other companies might have the resources to defend themselves, the SEC targeted Kraken during a bear market and waited for it to lay off 30% of its staff<\/a>, ,They have all our financials, lots of leverage,” Powell said. \u201cMaybe we looked weak.<\/span>,<\/p>\nPowell made those comments in support of Paul Grewal, chief legal officer at the competing exchange Coinbase. Grewal is currently trying to explain how Coinbase’s staking service differs from Kraken’s \u2014 presumably in an attempt to fend off possible SEC action.<\/p>\nPowell replies to officials and lawmakers<\/h2>\nPowell also replied to SEC commissioner Hester Peirce, who yesterday criticized her agency for not setting out a compliance path for Kraken and other crypto companies.<\/p>\nHe said that “guidance would be appreciated.” writing<\/a>,<\/p>\n\n\u201cThe ‘This is wrong but I won’t tell you how to do it right. Want to find out if X works? Try it and see what happens. approach does not help the industry nor consumers. We aren’t anti-regulation but we need a clear path to operate.”<\/p>\n<\/blockquote>\nPowell agreed with statements from Congress member Tom Emmer, a noted pro-crypto legislator who advocated against the SEC’s “purgatory strategy”. Powell wrote<\/a>,<\/p>\n\n\u201cCongress must act to protect the domestic crypto industry and US consumers who will now be going offshore to obtain services no longer available in the US.\u201d<\/span><\/p>\n<\/blockquote>\nEmmer similarly warned of staking-related opportunities moving offshore.<\/p>\nPowell advocates for decentralized staking.<\/h2>\nAlthough Powell lamented the discontinuation of Kraken’s staking service, he noted that users can engage in decentralized staking on Ethereum<\/a>, He said that he \u201chighly recommend[s]This if one has the technical ability and the required minimum holdings (32 ETH).<\/p>\nPowell also advocated for an alternative staking model in response to a comment from NuCypher CEO MacLane Wilkison. There, Powell called demurrage-based staking “the superior model.” In this approach, unstaked tokens are slashed or burned, while staked tokens maintain their regular value. Because this system does not require the distribution of rewards, it would presumably be difficult for regulators to take action against it.<\/p>\nJesse Powell’s comments carry weight due to his leadership position at Kraken. Although he announced that he would step down as CEO<\/a> Last year, his Twitter bio says he is still in the role as of today, and he remains the company’s most public-facing executive.<\/p>\n<\/div>\n
\u201cI honestly hope that someone proves, in court, that there is a legal, user-friendly version of custodial staking that can be offered to US consumers\u2026It’ll be a brutal, lengthy, expensive fight \u2026 but the industry and the USA will be extremely grateful.”<\/span><\/p>\n<\/blockquote>\nPowell explained that Kraken did not fight the SEC because of “risk-adjusted return,” implying that an unlikely victory would not be worth the legal costs.<\/p>\nHe said that although other companies might have the resources to defend themselves, the SEC targeted Kraken during a bear market and waited for it to lay off 30% of its staff<\/a>, ,They have all our financials, lots of leverage,” Powell said. \u201cMaybe we looked weak.<\/span>,<\/p>\nPowell made those comments in support of Paul Grewal, chief legal officer at the competing exchange Coinbase. Grewal is currently trying to explain how Coinbase’s staking service differs from Kraken’s \u2014 presumably in an attempt to fend off possible SEC action.<\/p>\nPowell replies to officials and lawmakers<\/h2>\nPowell also replied to SEC commissioner Hester Peirce, who yesterday criticized her agency for not setting out a compliance path for Kraken and other crypto companies.<\/p>\nHe said that “guidance would be appreciated.” writing<\/a>,<\/p>\n\n\u201cThe ‘This is wrong but I won’t tell you how to do it right. Want to find out if X works? Try it and see what happens. approach does not help the industry nor consumers. We aren’t anti-regulation but we need a clear path to operate.”<\/p>\n<\/blockquote>\nPowell agreed with statements from Congress member Tom Emmer, a noted pro-crypto legislator who advocated against the SEC’s “purgatory strategy”. Powell wrote<\/a>,<\/p>\n\n\u201cCongress must act to protect the domestic crypto industry and US consumers who will now be going offshore to obtain services no longer available in the US.\u201d<\/span><\/p>\n<\/blockquote>\nEmmer similarly warned of staking-related opportunities moving offshore.<\/p>\nPowell advocates for decentralized staking.<\/h2>\nAlthough Powell lamented the discontinuation of Kraken’s staking service, he noted that users can engage in decentralized staking on Ethereum<\/a>, He said that he \u201chighly recommend[s]This if one has the technical ability and the required minimum holdings (32 ETH).<\/p>\nPowell also advocated for an alternative staking model in response to a comment from NuCypher CEO MacLane Wilkison. There, Powell called demurrage-based staking “the superior model.” In this approach, unstaked tokens are slashed or burned, while staked tokens maintain their regular value. Because this system does not require the distribution of rewards, it would presumably be difficult for regulators to take action against it.<\/p>\nJesse Powell’s comments carry weight due to his leadership position at Kraken. Although he announced that he would step down as CEO<\/a> Last year, his Twitter bio says he is still in the role as of today, and he remains the company’s most public-facing executive.<\/p>\n<\/div>\n
Powell explained that Kraken did not fight the SEC because of “risk-adjusted return,” implying that an unlikely victory would not be worth the legal costs.<\/p>\n
He said that although other companies might have the resources to defend themselves, the SEC targeted Kraken during a bear market and waited for it to lay off 30% of its staff<\/a>, ,They have all our financials, lots of leverage,” Powell said. \u201cMaybe we looked weak.<\/span>,<\/p>\nPowell made those comments in support of Paul Grewal, chief legal officer at the competing exchange Coinbase. Grewal is currently trying to explain how Coinbase’s staking service differs from Kraken’s \u2014 presumably in an attempt to fend off possible SEC action.<\/p>\nPowell replies to officials and lawmakers<\/h2>\nPowell also replied to SEC commissioner Hester Peirce, who yesterday criticized her agency for not setting out a compliance path for Kraken and other crypto companies.<\/p>\nHe said that “guidance would be appreciated.” writing<\/a>,<\/p>\n\n\u201cThe ‘This is wrong but I won’t tell you how to do it right. Want to find out if X works? Try it and see what happens. approach does not help the industry nor consumers. We aren’t anti-regulation but we need a clear path to operate.”<\/p>\n<\/blockquote>\nPowell agreed with statements from Congress member Tom Emmer, a noted pro-crypto legislator who advocated against the SEC’s “purgatory strategy”. Powell wrote<\/a>,<\/p>\n\n\u201cCongress must act to protect the domestic crypto industry and US consumers who will now be going offshore to obtain services no longer available in the US.\u201d<\/span><\/p>\n<\/blockquote>\nEmmer similarly warned of staking-related opportunities moving offshore.<\/p>\nPowell advocates for decentralized staking.<\/h2>\nAlthough Powell lamented the discontinuation of Kraken’s staking service, he noted that users can engage in decentralized staking on Ethereum<\/a>, He said that he \u201chighly recommend[s]This if one has the technical ability and the required minimum holdings (32 ETH).<\/p>\nPowell also advocated for an alternative staking model in response to a comment from NuCypher CEO MacLane Wilkison. There, Powell called demurrage-based staking “the superior model.” In this approach, unstaked tokens are slashed or burned, while staked tokens maintain their regular value. Because this system does not require the distribution of rewards, it would presumably be difficult for regulators to take action against it.<\/p>\nJesse Powell’s comments carry weight due to his leadership position at Kraken. Although he announced that he would step down as CEO<\/a> Last year, his Twitter bio says he is still in the role as of today, and he remains the company’s most public-facing executive.<\/p>\n<\/div>\n
Powell made those comments in support of Paul Grewal, chief legal officer at the competing exchange Coinbase. Grewal is currently trying to explain how Coinbase’s staking service differs from Kraken’s \u2014 presumably in an attempt to fend off possible SEC action.<\/p>\n
Powell also replied to SEC commissioner Hester Peirce, who yesterday criticized her agency for not setting out a compliance path for Kraken and other crypto companies.<\/p>\n
He said that “guidance would be appreciated.” writing<\/a>,<\/p>\n\n\u201cThe ‘This is wrong but I won’t tell you how to do it right. Want to find out if X works? Try it and see what happens. approach does not help the industry nor consumers. We aren’t anti-regulation but we need a clear path to operate.”<\/p>\n<\/blockquote>\nPowell agreed with statements from Congress member Tom Emmer, a noted pro-crypto legislator who advocated against the SEC’s “purgatory strategy”. Powell wrote<\/a>,<\/p>\n\n\u201cCongress must act to protect the domestic crypto industry and US consumers who will now be going offshore to obtain services no longer available in the US.\u201d<\/span><\/p>\n<\/blockquote>\nEmmer similarly warned of staking-related opportunities moving offshore.<\/p>\nPowell advocates for decentralized staking.<\/h2>\nAlthough Powell lamented the discontinuation of Kraken’s staking service, he noted that users can engage in decentralized staking on Ethereum<\/a>, He said that he \u201chighly recommend[s]This if one has the technical ability and the required minimum holdings (32 ETH).<\/p>\nPowell also advocated for an alternative staking model in response to a comment from NuCypher CEO MacLane Wilkison. There, Powell called demurrage-based staking “the superior model.” In this approach, unstaked tokens are slashed or burned, while staked tokens maintain their regular value. Because this system does not require the distribution of rewards, it would presumably be difficult for regulators to take action against it.<\/p>\nJesse Powell’s comments carry weight due to his leadership position at Kraken. Although he announced that he would step down as CEO<\/a> Last year, his Twitter bio says he is still in the role as of today, and he remains the company’s most public-facing executive.<\/p>\n<\/div>\n
\n\u201cThe ‘This is wrong but I won’t tell you how to do it right. Want to find out if X works? Try it and see what happens. approach does not help the industry nor consumers. We aren’t anti-regulation but we need a clear path to operate.”<\/p>\n<\/blockquote>\nPowell agreed with statements from Congress member Tom Emmer, a noted pro-crypto legislator who advocated against the SEC’s “purgatory strategy”. Powell wrote<\/a>,<\/p>\n\n\u201cCongress must act to protect the domestic crypto industry and US consumers who will now be going offshore to obtain services no longer available in the US.\u201d<\/span><\/p>\n<\/blockquote>\nEmmer similarly warned of staking-related opportunities moving offshore.<\/p>\nPowell advocates for decentralized staking.<\/h2>\nAlthough Powell lamented the discontinuation of Kraken’s staking service, he noted that users can engage in decentralized staking on Ethereum<\/a>, He said that he \u201chighly recommend[s]This if one has the technical ability and the required minimum holdings (32 ETH).<\/p>\nPowell also advocated for an alternative staking model in response to a comment from NuCypher CEO MacLane Wilkison. There, Powell called demurrage-based staking “the superior model.” In this approach, unstaked tokens are slashed or burned, while staked tokens maintain their regular value. Because this system does not require the distribution of rewards, it would presumably be difficult for regulators to take action against it.<\/p>\nJesse Powell’s comments carry weight due to his leadership position at Kraken. Although he announced that he would step down as CEO<\/a> Last year, his Twitter bio says he is still in the role as of today, and he remains the company’s most public-facing executive.<\/p>\n<\/div>\n
\u201cThe ‘This is wrong but I won’t tell you how to do it right. Want to find out if X works? Try it and see what happens. approach does not help the industry nor consumers. We aren’t anti-regulation but we need a clear path to operate.”<\/p>\n<\/blockquote>\n
Powell agreed with statements from Congress member Tom Emmer, a noted pro-crypto legislator who advocated against the SEC’s “purgatory strategy”. Powell wrote<\/a>,<\/p>\n\n\u201cCongress must act to protect the domestic crypto industry and US consumers who will now be going offshore to obtain services no longer available in the US.\u201d<\/span><\/p>\n<\/blockquote>\nEmmer similarly warned of staking-related opportunities moving offshore.<\/p>\nPowell advocates for decentralized staking.<\/h2>\nAlthough Powell lamented the discontinuation of Kraken’s staking service, he noted that users can engage in decentralized staking on Ethereum<\/a>, He said that he \u201chighly recommend[s]This if one has the technical ability and the required minimum holdings (32 ETH).<\/p>\nPowell also advocated for an alternative staking model in response to a comment from NuCypher CEO MacLane Wilkison. There, Powell called demurrage-based staking “the superior model.” In this approach, unstaked tokens are slashed or burned, while staked tokens maintain their regular value. Because this system does not require the distribution of rewards, it would presumably be difficult for regulators to take action against it.<\/p>\nJesse Powell’s comments carry weight due to his leadership position at Kraken. Although he announced that he would step down as CEO<\/a> Last year, his Twitter bio says he is still in the role as of today, and he remains the company’s most public-facing executive.<\/p>\n<\/div>\n
\n\u201cCongress must act to protect the domestic crypto industry and US consumers who will now be going offshore to obtain services no longer available in the US.\u201d<\/span><\/p>\n<\/blockquote>\nEmmer similarly warned of staking-related opportunities moving offshore.<\/p>\nPowell advocates for decentralized staking.<\/h2>\nAlthough Powell lamented the discontinuation of Kraken’s staking service, he noted that users can engage in decentralized staking on Ethereum<\/a>, He said that he \u201chighly recommend[s]This if one has the technical ability and the required minimum holdings (32 ETH).<\/p>\nPowell also advocated for an alternative staking model in response to a comment from NuCypher CEO MacLane Wilkison. There, Powell called demurrage-based staking “the superior model.” In this approach, unstaked tokens are slashed or burned, while staked tokens maintain their regular value. Because this system does not require the distribution of rewards, it would presumably be difficult for regulators to take action against it.<\/p>\nJesse Powell’s comments carry weight due to his leadership position at Kraken. Although he announced that he would step down as CEO<\/a> Last year, his Twitter bio says he is still in the role as of today, and he remains the company’s most public-facing executive.<\/p>\n<\/div>\n
\u201cCongress must act to protect the domestic crypto industry and US consumers who will now be going offshore to obtain services no longer available in the US.\u201d<\/span><\/p>\n<\/blockquote>\nEmmer similarly warned of staking-related opportunities moving offshore.<\/p>\nPowell advocates for decentralized staking.<\/h2>\nAlthough Powell lamented the discontinuation of Kraken’s staking service, he noted that users can engage in decentralized staking on Ethereum<\/a>, He said that he \u201chighly recommend[s]This if one has the technical ability and the required minimum holdings (32 ETH).<\/p>\nPowell also advocated for an alternative staking model in response to a comment from NuCypher CEO MacLane Wilkison. There, Powell called demurrage-based staking “the superior model.” In this approach, unstaked tokens are slashed or burned, while staked tokens maintain their regular value. Because this system does not require the distribution of rewards, it would presumably be difficult for regulators to take action against it.<\/p>\nJesse Powell’s comments carry weight due to his leadership position at Kraken. Although he announced that he would step down as CEO<\/a> Last year, his Twitter bio says he is still in the role as of today, and he remains the company’s most public-facing executive.<\/p>\n<\/div>\n
Emmer similarly warned of staking-related opportunities moving offshore.<\/p>\n
Although Powell lamented the discontinuation of Kraken’s staking service, he noted that users can engage in decentralized staking on Ethereum<\/a>, He said that he \u201chighly recommend[s]This if one has the technical ability and the required minimum holdings (32 ETH).<\/p>\nPowell also advocated for an alternative staking model in response to a comment from NuCypher CEO MacLane Wilkison. There, Powell called demurrage-based staking “the superior model.” In this approach, unstaked tokens are slashed or burned, while staked tokens maintain their regular value. Because this system does not require the distribution of rewards, it would presumably be difficult for regulators to take action against it.<\/p>\nJesse Powell’s comments carry weight due to his leadership position at Kraken. Although he announced that he would step down as CEO<\/a> Last year, his Twitter bio says he is still in the role as of today, and he remains the company’s most public-facing executive.<\/p>\n<\/div>\n
Powell also advocated for an alternative staking model in response to a comment from NuCypher CEO MacLane Wilkison. There, Powell called demurrage-based staking “the superior model.” In this approach, unstaked tokens are slashed or burned, while staked tokens maintain their regular value. Because this system does not require the distribution of rewards, it would presumably be difficult for regulators to take action against it.<\/p>\n
Jesse Powell’s comments carry weight due to his leadership position at Kraken. Although he announced that he would step down as CEO<\/a> Last year, his Twitter bio says he is still in the role as of today, and he remains the company’s most public-facing executive.<\/p>\n<\/div>\n
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