The cryptocurrency exchange Kraken made big news last month when it announced a groundbreaking settlement with the Securities and Exchange Commission, shutting down the firm's “staking-as-a-service” business in the U.S. and paying a $30 million settlement.
The news came as a jolt, in part because of the reputation of the defendant. Kraken is one of the more responsible actors in an industry characterized by reckless business practices. But a bigger shock came in the form of the SEC’s interpretation of "staking."
