Brian Armstrong, the co-founder, and CEO of Coinbase Global Inc (NASDAQ: COIN), the largest cryptocurrency exchange in the U.S., has spoken out about the regulatory crackdown on the crypto industry, reiterating that the exchange’s staking product should not be classified as a security.
In a Bloomberg Television interview, he explained that Coinbase’s staking product is not a security because customers never turn their assets over to the exchange.
Instead, Coinbase simply provides a service that allows customers to participate in staking, which is a decentralized protocol that generates yields by allowing users to facilitate transactions on a …
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