Coinbase and Algorand face staking reward suspension and SEC scrutiny.
Coinbase has discontinued Algorand (ALGO) staking rewards for retail customers, citing a reevaluation of its portfolio of products and services. However, Algorand Foundation CEO Stacy Waden claims that Coinbase informed them of the move due to recent regulatory scrutiny following a Wells Notice from the SEC. Coinbase denies this claim and says the decision is not related to regulatory developments. The change does not affect ALGO token trading and governance rewards for institutional investors. Coinbase is the latest crypto company to receive a Wells Notice from the SEC.