Kraken Resumes Staking Services in U.S. Following SEC Crackdown
Kraken has reinstated blockchain staking for U.S. customers in 39 states, signaling a friendlier regulatory climate for crypto. This move follows policy shifts and marks a major step for U.S. staking services.
Outlines:
- Kraken’s Staking Revival – Details on the relaunch and supported assets.
- SEC’s Past Crackdown – Kraken’s 2023 settlement and regulatory hurdles.
- A New Era for U.S. Crypto? – The changing landscape and industry response.
Kraken, one of the most established cryptocurrency exchanges, has resumed blockchain staking products for many of its American customers, indicating that the previously sclerotic climate for crypto assets in the United States is gradually thawing.
Kraken announced on Thursday that customers in 39 eligible states will be able to utilize Kraken Pro to participate in bonded staking, which involves locking up tokens for specific periods based on the blockchain in question.
Donald Trump’s arrival in the White House has heralded the end of the previous administration’s punitive restrictions against cryptocurrency, particularly those enforced by the Securities and Exchange Commission (SEC).
In February 2023, Kraken agreed to discontinue its staking-as-a-service platform for US users and pay $30 million to settle SEC claims that it provided unregistered securities.
“We have long discussed how to offer this product best and bring staking back to the United States because we believe it is such an important component of cryptocurrency,” said Mark Greenberg, Kraken Global Head of Consumer, in an interview.
Greenberg dubbed the action “an overwhelmingly positive development, not just for Kraken but also for the entire U.S. crypto space.”
Kraken clients in select U.S. states (a full list is available on the exchange’s staking page) can now stake 17 assets, including ETH, SOL, DOT, and ADA. Furthermore, Kraken stated that slashing insurance from a third-party supplier protects the assets of U.S. clients.
Kraken’s staking revival signals a shifting U.S. crypto landscape, offering new opportunities for investors. However, regulatory changes remain fluid. Investors should stay informed, assess risks, and diversify portfolios wisely. As staking gains traction, understanding platform security, asset volatility, and evolving regulations will be key to maximizing returns in the growing crypto market.
