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Fortune

Marco Quiroz-Gutierrez

Ethereum weighs down the crypto market as investors fear more SEC enforcement following Kraken’s $30 million settlement

Kraken SEC Crypto Coinbase

(Credit: Photo Illustration by Fortune)

The Securities and Exchange Commission's announcement on Thursday of a $30 million settlement with Kraken, related to the exchange's staking product, caused crypto prices to tumble, ending weeks of upward momentum.

Staking, which involves users locking up tokens and earning yield to allow a blockchain to operate, is the backbone of a growing number of large crypto projects. The most widely used blockchain to employ staking is Ethereum, whose cryptocurrency Ether fell more than 6% on Friday to about $1,500—its lowest point since Jan. 19, according to CoinMarketCap.

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