ARK Invest’s Cathie Wood on the staking ban: “U.S. exchanges are losing out”

In a commentary, Cathie Wood decried the ignorance of U.S. regulators as rumors of a potential staking ban for retail clients accelerate.

“Decentralization wins, U.S. stock market loses”

Today, February 11, 2023, Cathie Wood took to Twitter to share her views on the potential ban on staking services offered by U.S.-regulated centralized entities. She noted that this would hurt U.S. competitiveness in this emerging segment of Web3 technology.

In general, this ban will not ruin the staking currency ecosystem: users will simply turn to on-chain staking dashboards, or choose services in offshore jurisdictions.

Read:  Binance's blockchain completes its hard-fork to prevent future cross-chain bridge hacks

In the long run, however, U.S.-registered exchanges will lose ground to their foreign competitors due to regulatory oversight, Cathie Wood speculates.

Thus, U.S. dominance in the “cryptographic revolutions” could be in danger.

The industry opposes the potential ban on centralized staking services on Ethereum (ETH) and other related protocols for proof-of-stake (PoS) currencies.

Exodus of stakers?

Some stakeholders have even compared it to the anti-bitcoin witch hunt that caused bitcoin (BTC) miners to move their devices out of China. Ironically, the U.S., along with Kazakhstan, were among the biggest beneficiaries of this process in 2021.

Read:  Portugal rules out extension of fire alert due to improved situation

History could repeat itself: miners who prefer to use centralized services will most likely move their coins to other jurisdictions. As we’ve previously reported, UK-based fintech heavyweight Revolut has added ateking to its toolbox.

Revolut customers will be able to wager Ethereum (ETH), Polkadot (DOT), Tezos (XTZ) and Cardano (ADA), i.e. all the common proof-of-stake (PoS) altcoins.

The Best Online Bookmakers November 28 2023

BetMGM Casino