SEC Forces Kraken To Terminate Cryptocurrency Staking-as-a-Service Program

On February 22, 2023, Cravath prepared a memo for its clients entitled “SEC Forces Kraken To Terminate Cryptocurrency Staking-as-a-Service Program.” The memo examines the U.S. Securities and Exchange Commission’s recent complaint against cryptocurrency exchange Kraken for failing to register its staking-as-a-service (“StaaS”) program as a securities offering, in violation of Section 5 of the Securities Act of 1933.

Please click here to read the memo.