The latest price moves in crypto markets in context for Feb. 9, 2023.

By Lyllah Ledesma

AccessTimeIconFeb 9, 2023 at 6:31 p.m.

Updated Feb 9, 2023, at 8:49 p.m.

Brian Armstrong suggests SEC to ban staking. (Micheile/Unsplash)

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This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

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Coinbase CEO Brian Armstrong says he’s heard rumors the U.S. Securities and Exchange Commission (SEC) would like to ban retail investors from engaging in cryptocurrency stakingthe income-generating technique at the core of running proof of stake blockchains including Ethereum. “I hope that’s not the case as I believe it would be a terrible path for the U.S. if that was allowed to happen,” he tweeted Wednesday. The SEC declined to comment.

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Coinbase CEO Brian Armstrong (CoinDesk)

The governance token for the liquid staking platform Lido surged on the rumor suggested by Armstong that the SEC might ban staking for retail customers. The Lido protocol, governed by the LDO token (LDO), allows for the staking of ether (ETH). LDO surged around 11% in the immediate aftermath of the comments and is up 8.4% in the past 24 hours.

Binance is helping assemble a consortium of crypto companies with a view toward rebuilding trust in the industry and is taking on an active role in consulting on regulations, according to a person with knowledge of the plans. A number of companies have already signed up to come on board. They span the crypto industry, including individual projects, exchanges, and blockchain analytics firms, the person said, without naming any of the firms involved. Binance declined to comment.

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Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether, and small amounts of other crypto assets.

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