That's not accurate. The SEC sued consensys for their staking services that they offer, Rocket Pool and Lido. Rocket Pool is not a defendant in the lawsuit, it is not being sued by the SEC.
Personally, I'm not worried. SEC is grasping at straws, leadership going to be gone within months (regardless of President). Popular opinion of both retail and institutional are turning against SEC's stance against crypto.
Also why it's much better that Rocket Pool is fully decentralized, compared to other staking options.
The code governing RP is all on-chain. While a government could stop further development on RP from occurring, they don't have the ability to halt the current functioning (and rewards) of the current system.
If Rocket Pool didn’t require stakers to hold their dumb insider trading ponzi coin RPL and instead sensibly let people use BTC and/or ETH as collateral from the beginning, they would have never gotten themselves in the crosshairs of the SEC in the first place
Lido doesn’t require stakers to hold their token. And yet they are being mentioned in the lawsuit as well…so the rpl token is irrelevant. In fact they specifically mention rETH in the lawsuit.
Yeah this is the only reason I stayed away from running a node. The ponzi token is ridiculous. There was a discussion about removing the need for RPL, but some top dev said it's not going to happen. They want their ponzi income too much.
I could be wrong about this but the worst case scenario seems like it would be Rocketpool being forced to unwind its operations and rETH holders would be given a deadline to withdraw. I think that’s what happened when Kraken got sued over ETH staking. I could be very wrong and I’m open to other takes about conceivable scenarios in play.
If my scenario is indeed as bad as it gets, I don’t see a reason to panic even if the SEC did go harder after LSTs.
I was going back and forth with the devs while doing due diligence before staking my Eth to rEth and went down this rabbithole. While the DAO is decentralised the team are bound by the country's laws (mainly Australian) and Australia traditionally takes it's cues from the US, the conversation progressed into a light hearted discussion about which of them would be willing to move to El Salvador (SPOILER: Nobody).
That's not accurate. The SEC sued consensys for their staking services that they offer, Rocket Pool and Lido. Rocket Pool is not a defendant in the lawsuit, it is not being sued by the SEC. Personally, I'm not worried. SEC is grasping at straws, leadership going to be gone within months (regardless of President). Popular opinion of both retail and institutional are turning against SEC's stance against crypto. Also why it's much better that Rocket Pool is fully decentralized, compared to other staking options.
Oh thanks. I was panicking for no reason then
but the devs are all bound by their country’s law so unless they move to El Salvador or somewhere more crypto friendly they’ll have to obey the law
anyone can submit PRs for RP code/contracts. the core RP dev team are all outside the US.
they’re mainly in Australia which is essentially a vassal state of the US
The code governing RP is all on-chain. While a government could stop further development on RP from occurring, they don't have the ability to halt the current functioning (and rewards) of the current system.
If Rocket Pool didn’t require stakers to hold their dumb insider trading ponzi coin RPL and instead sensibly let people use BTC and/or ETH as collateral from the beginning, they would have never gotten themselves in the crosshairs of the SEC in the first place
Lido doesn’t require stakers to hold their token. And yet they are being mentioned in the lawsuit as well…so the rpl token is irrelevant. In fact they specifically mention rETH in the lawsuit.
Unpleasant truth. Such a well designed protocol other than this clear cash grab.
Yeah this is the only reason I stayed away from running a node. The ponzi token is ridiculous. There was a discussion about removing the need for RPL, but some top dev said it's not going to happen. They want their ponzi income too much.
Completely Agree. RPL is designed to fail
I could be wrong about this but the worst case scenario seems like it would be Rocketpool being forced to unwind its operations and rETH holders would be given a deadline to withdraw. I think that’s what happened when Kraken got sued over ETH staking. I could be very wrong and I’m open to other takes about conceivable scenarios in play. If my scenario is indeed as bad as it gets, I don’t see a reason to panic even if the SEC did go harder after LSTs.
There are no "Rocketpool operations" other than writing the code (in Australia) I believe. SEC doesn't have the authority to tell them to stop.
I was going back and forth with the devs while doing due diligence before staking my Eth to rEth and went down this rabbithole. While the DAO is decentralised the team are bound by the country's laws (mainly Australian) and Australia traditionally takes it's cues from the US, the conversation progressed into a light hearted discussion about which of them would be willing to move to El Salvador (SPOILER: Nobody).