a16z Comment on "The SEC/Kraken Settlement" : The SEC should prioritize guidance rules over piecemeal enforcement

On Feb. 9, the SEC announced a settlement with Kraken, a crypto trading platform, in which Kraken agreed to "immediately" stop offering on-chain pledge services to U.S. clients and pay a $30 million fine to settle SEC charges that it offered unregistered securities. "Whether through pledge as a service, lending, or other means, cryptocurrency intermediaries need to provide the appropriate disclosures and protections required by our securities laws when offering investment contracts in exchange for an investor's Token," said SEC Chairman Gary Gensler. Today's action should make clear to the market that pledge as a service providers must register and provide full, fair and truthful disclosure and investor protections."

The news has sparked heated discussion in the community. Users in the US are concerned that the move will limit their crypto trading activities. Some crypto trading platforms that provide pledge services are also dissatisfied with the SEC's fine and excessive intervention. Coinbase CEO Brian Armstrong said the company will continue to fight for economic freedom. "Being the most trusted brand in the cryptocurrency space means that Coinbase our customers are protected from excessive official interference," Armstrong said.

Miles Jennings , General Counsel of a16z; Some of the views and comments made by BlockBeats on Twitter are as follows:    

Comments on the SEC's punishment of Kraken

对于今天 Kraken / SEC 的事件，我们有一些想法：

1. staking is important for the ecosystem, and an Staking project is both legal and an opportunity for more people to participate in blockchain technology.

2. Fortunately, we do not believe that the SEC's Kraken resolution will have any impact on other cryptocurrency trading platforms, which have already tried to avoid securities law, although red lines are highly likely to occur.

3、 作为 Web3 的重要投资者和正在建设下一代互联网的企业 ，我们感到失望的是，Gensler 主席再次证明，他只会通过零散的执法行动来实施对行业的监管。

4、 距离美国 SEC 上一次发布与加密货币有关监管指导意见以来已经过去四年了。SEC 主席关注的仍旧是加密行业的头条新闻， 而不是按照 SEC 的核心使命保护投资者的合法努力。

5. It is time for the SEC Chairman to prioritize regulations that will make the markets clearer and the public better protected.

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