Veteran trader Peter Brandt has predicted a severe regulatory crackdown on cryptocurrency staking by U.S. regulators, including the Securities and Exchange Commission (SEC). “It’s going to be a bloodbath,” he warned, cautioning that he believes it is “illegal as hell” and will be “attacked with all-out vengeance.”
Veteran Trader Peter Brandt Warns of SEC's Full-Scale Assault on Crypto Staking — 'It's Going to Be a Bloodbath'
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‘It’s Going to Be a Bloodbath’
Veteran trader and renowned chartist Peter Brandt has forecasted a severe crackdown by the U.S. Securities and Exchange Commission (SEC), the Office of the Comptroller of the Currency (OCC), and the U.S. Treasury on cryptocurrency staking.
Expressing his concerns on the social media platform X Thursday, Brandt highlighted the potential regulatory actions that could impact crypto staking. Cautioning that these actions might surpass the SEC’s previous attempts to classify XRP and ETH as securities, he wrote:
If the crypto community is upset over the SEC treatment of XRP, ETH et al as securities, Prediction: Wait until the OCC, SEC, [and] Treasury do a full assault attack over staking. It’s going to be a bloodbath.
Brandt clarified why banking regulators might target crypto staking. “Cryptos are deemed a currency,” he stated, noting: “ Staking is borrowing a currency in order to earn an interest. Thus, staking is a form of banking.” The OCC, an independent bureau within the U.S. Department of the Treasury, is responsible for chartering, regulating, and supervising all national banks and federal savings associations, as well as the federal branches and agencies of foreign banks.
The veteran trader added in a follow-up post:
I think the entire meme and staking industry is due for a major blood path.
“Who wants to loan their coins to a staking operation only to have it come under attack? Not me. I think ETH & SOL are very susceptible to a shake out if staking is attacked by governments,” he warned.
Do you agree with Peter Brandt on crypto staking? Let us know in the comments section below.
