Coinbase and Algorand give divergent reasons for staking reward suspension

The CEO of Algorand Foundation said Coinbase is evaluating its products and services after receiving a Wells Notice. A Coinbase spokesperson denies the claim.

Highlights

• Algorand Foundation CEO Stacy Waden tweeted about decision to discontinue rewards for retail customers.
• The move follows a Wells notice issued by the U.S.
• Securities and Exchange Commission.
• A spokesperson for the crypto exchange says the move is not related to regulatory developments.
• The change does not affect the ALGO token trading and governance rewards for institutional investors, Waden added in the thread.
• The SEC reached an agreement with crypto exchange Kraken for “failing to register the offer and sale of their crypto asset staking-as-a-service program,” which the commission claims qualified as securities under its purview.

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