#Coinbase stock falls as the #SEC cracks down on crypto staking, causing concerns among investors. Competitor #Kraken paid a settlement for offering unregistered securities through their staking program, leading to #BrianArmstrong’s cryptic tweet. Despite the setback, shares of Coinbase are still up 60% in 2023. Staking is a popular method for verifying transactions on blockchain protocols, but the #SEC considers it to be a security and has raised concerns about the lack of transparency. #Ether and other cryptocurrencies using staking also saw a dip, with the total crypto market capitalization shedding 4.6% in 24 hours. #Coinbase made 11% of its revenue from staking in Q3 and has no plans to shutter its program, despite the #SEC’s enforcement action. The company is seeking a more transparent process to iron out the rules for crypto activity and plans to cooperate with the SEC if necessary.