Ethereum price risks 20% correction amid SEC's crackdown on crypto staking
Ethereum may experience a drop in user activity alongside ETH price with crypto staking in the crosshairs of the SEC. Ethereum's native token, Ether (ETH), saw its worst daily performance of the year as the U.S. Securities and Exchange Commission (SEC) stopped Kraken, a cryptocurrency exchange, from offering crypto staking services. On Feb. 9, Kraken agreed to pay $30 million to settle the SEC's allegation that it broke securities rules by offering crypto staking services to U.S. retail investors. The news pushed down the prices of many proof-of-stake (PoS) blockchain project tokens, in particular. Ethereum, which switched to a staking-based protocol in September 2022, also suffered as a result. On Feb. 9, ETH's price plunged nearly 6.5% to around $1,525, the largest single-day decline since Dec. 16 of last year. ETH/USD daily price chart. Source: TradingView.com Will Ethereum staking survive the SEC crackdown? The SEC's crackdown on crypto Staking begins as Ethereum...