Does anyone on here actually view the latest SEC action on centralized staking providers as medium or long term bearish?

This would seem to be effectively a positive by reducing centralization.

Someone agree with me that what @garygensler is doing is good.

Contributor to crypto, building Based Management, co-founder of PoolTogether Inc, instigator of pleasrDAO

https://leighton.mirror.xyz/

The positive view on this is they are trying to rightsize the ship and simply get ahead of potential future regulatory failures.

I haven’t read the ToS or Staking Agreements from Coinbase or Kraken, but I wonder if they explicitly spelled out they won’t rehypothecate staked assets, shuffle funds around internally,

I think you are right there are meaningful positive externalities… but doesn’t override the regulatory failure

I’m mostly on board with this take. 

The flip side is that if we want massive adoption, we probably need big banks to feel comfortable injecting capital. And they currently do that at the centralized exchange/entity level, not the contract level. So hitting responsible exchanges does hurt.

Won’t make any positive progress under current SEC admin. That being said, agree that regulators are moving people toward decentralized protocols by actions like this. Medium-long term, if Gary doesn’t actually pass regulations, then every policy he made can be undone by a new admin. Seems he doesn’t want to pass