Largest Ethereum Staker Warns of Consequences of SEC Regulation After ‘Dissapointing’ Enforcement Action: Report
An executive at the largest Ethereum (ETH) staking service is reportedly outlining the possible consequences of upcoming US regulatory decisions on the heels of recent crackdowns on the crypto industry.
Jacob Blish, the head of business development and partnerships at Lido DAO (LDO), tells Bloomberg in a new interview that the U.S. Securities and Exchange Commission’s (SEC) recent shutdown of Kraken’s staking program could actually benefit staking services like Lido’s.
“I have been getting a lot more questions about ‘Does this impact Lido? What are your thoughts on this?’ I personally think this is a net benefit for on-chain permissionless liquid staking or staking providers, but it really depends on what the final resolution is.”
However, Blish says it’s frustrating that crypto developers and projects are in the dark in terms of how regulators plan to approach the nascent industry.
“The most disappointing thing is we as an industry keep getting asked for transparency, but then me as a US citizen, I get no transparency and how [regulator’s] decision-making process is going.”
The Lido DAO executive also says that there will likely be consequences for US-based investors if government agencies continue down the path of regulation through enforcement.
“The biggest risk I personally see as a US-based person is if they come down and say you can no longer even interact with or contribute to these types of protocols. Then me as a contributor to the DAO, does that mean I can’t work on Lido anymore? Do I have to go leave and do something else?”
Currently, more than 5.1 million ETH are staked with Lido, according to the project’s website.
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