Was ALGO affected post termination of Coinbase staking rewards? Exploring…

ambcrypto.com:

The latest victim of the SEC’s continuous crackdown on multiple exchanges may be Algorand [ALGO]. According to a recent notification, ALGO stakes will no longer be eligible for incentives from Coinbase.

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On 22 March, Staci Warden, CEO of the Algorand Foundation, announced that Coinbase had terminated ALGO staking rewards. Moreover, Coinbase would no longer promote ALGO incentives for retail users, since the company was reassessing its offerings in light of increased regulatory scrutiny.

— staci.algo (@StaciW_DC) March 22, 2023

U.S.-based cryptocurrency exchange and staking provider Coinbase revealed late Thursday that the SEC had accused it of violating securities laws by providing staking services. The regulator issued a “Wells Notice” to Coinbase, warning the company that it intended to take action soon.

With Algorand, Coinbase had fulfilled the service provider role by mediating between the protocol and its users and dispersing the staking rewards.

The SEC has indicated that it would take action against Coinbase’s spot market, staking service, Coinbase Prime, and Coinbase Wallet in the Wells notice accompanying such action.  Coinbase responded on 22 March, saying that it had prepared papers and given two witnesses for testimony, one on the basic features of its staking services and one on the basic operation of its trading platform.

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