Coinbase CEO Vows To Fight For 'Economic Freedom' Amid Kraken's Crypto Staking Suspension

Coinbase (NASDAQ: COIN) CEO Brian Armstrong said his cryptocurrency exchange company would keep fighting for "economic freedom" as peer Kraken suspends its crypto-staking operations.

What Happened: Armstrong said on Twitter that some days “being the most trusted brand in crypto means protecting our customers from government overreach.”

We will keep fighting for economic freedom (our mission at Coinbase). Some days being the most trusted brand in crypto means protecting our customers from government overreach.

— Brian Armstrong (@brian_armstrong) February 10, 2023

Kraken agreed to discontinue its staking operations as part of an approved and finalized settlement with the Securities and Exchange Commission. Its staking services included a crypto-lending product that promised a potential yield of up to 24%. 

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This comes after rumors began to swirl that the SEC may soon move to prevent retail customers from participating in staking, a process where investors hold crypto tokens to strengthen blockchains such as Ethereum (CRYPTO: ETH).

Armstrong on Wednesday expressed concerns over hearing rumors about the SEC getting “rid” of cryptocurrency staking in the US for retail customers.

Price Action: ETH was trading at $1,550 down 5.37% in the last 24 hours, according to Benzinga Pro.

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