Re:Coinbase Sued by SEC for Breaking US Securities Rules
by px43 on Tuesday June 06, 2023 @11:44AM
(#36214593)
> This is not true for my savings account.
I'd say that "locked on the protocol" is functionally equivalent to having money in a bank account, so yeah it is true for your savings account. You can still take it out (aka "unlock" it) at any time. The staking/unstaking process is just an on-chain event that requires the staker to have custody over the ETH. No different from a deposit or withdrawal from a bank account.
This is different than a lot of other DeFi which does not require any external custody.
I'd say that "locked on the protocol" is functionally equivalent to having money in a bank account, so yeah it is true for your savings account. You can still take it out (aka "unlock" it) at any time. The staking/unstaking process is just an on-chain event that requires the staker to have custody over the ETH. No different from a deposit or withdrawal from a bank account.
This is different than a lot of other DeFi which does not require any external custody.