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If regulators order the censorship of transactions, Coinbase will stop offering its staking service

Coinbase Stock Down
Coinbase Stock Down / Image Credit: CRYPKYP
Source: CryptoSlate
1660813763 18 Aug / 09:09

Brian Armstrong, the CEO of Coinbase, stated on August 17 that the company would stop offering staking opportunities if regulators required it to censor transactions as a validator.

Armstrong asserts that the company would have to concentrate on the more excellent picture of maintaining network integrity by ceasing its services in such a case.

He continued by saying that the business might file a lawsuit to contest the authorities' request.

Armstrong was answering a query posed by Lefteris Karapetsas, the creator of the rotkiapp.

According to Dune Analytics statistics, Coinbase is one of the biggest staking solution providers, holding almost 14% of the staked Ethereum (ETH) on the Beacon Chain.

The US-based company disclosed that crypto staking represented 8.5% of its revenue during the second quarter, adding that the product was a high-growth area for its business.

The company provides cryptocurrency staking options for Tezos, Algorand (ALGO), Cardano (ADA), Cosmos (ATOM), and Algorand (ALGO) (XTZ).

Early in August, it started providing institutional clients with Ethereum staking.

Meanwhile, rumors about the SEC looking into Coinbase’s staking program have surfaced.

The cryptocurrency community has grown more concerned that regulators may require centralized organizations subject to their jurisdiction to regulate transactions on the Ethereum platform in light of the US sanction against Tornado Cash.

According to reports, 66% of Beacon Chain depositors and validators would probably agree to government requests for censorship.

Vitalik Buterin, a co-founder of Ethereum, responded by saying he wanted the staked tokens of validators who would cooperate with such censorship requests to be burnt.

Another analysis, meanwhile, emphasized the potentially broad impact that penalties against Tornado Cash could have on the web3 and Bitcoin Lightning Network projects.

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