SEC Did Not Consult Industry Before Kraken Crypto Staking Charges: Commissioner Peirce

“We had not tried to sit down with people in the industry” to discuss staking, the process by which crypto holders delegate their tokens to validators in order to earn crypto rewards, Peirce said. She said the SEC has known about staking for a long time, and its decision to strike now was “arbitrary,” as was its targeting of Kraken’s staking business first.