The crypto regulatory landscape in the US has shifted, and Kraken is seizing the moment. The crypto exchange reintroduced on-chain staking for American customers, marking a major comeback after regulatory pressure forced it to shut down staking services in 2023.
With 17 assets available for staking, including Ethereum (ETH) and Solana (SOL), Kraken’s move signals renewed momentum for crypto participation in the US.
Kraken Relaunches Staking for U.S. Clients
Kraken announced that customers in 39 US states and territories can now access its staking services through Kraken Pro. The platform offers bonded staking, where users lock their tokens for a specific period to help secure blockchain networks and earn rewards in return.
The move comes nearly a year after Kraken settled with the Securities and Exchange Commission (SEC) in February 2023, agreeing to pay $30 million and halt its staking-as-a-service program. At the time, the SEC argued that Kraken had offered unregistered securities through its staking platform.
The return of Kraken’s staking services reflects a broader change in the U.S. regulatory climate for crypto. The previous administration’s stringent approach, particularly through the SEC, had put many crypto firms under scrutiny. Now, with a shifting political landscape, Kraken and other industry players are exploring ways to reintroduce curtailed services.
Kraken restores crypto staking for U.S. customersKraken has reintroduced on-chain crypto staking for U.S. clients in 39 states and territories, allowing them to stake 17 assets, including $ETH, $SOL, $DOT and $ADA. According to CoinDesk, the move comes after Kraken shut down…
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“Launching this new staking product in the US is an overwhelmingly positive development, not just for Kraken but also for the entire U.S. crypto space,” commented Mark Greenberg, Kraken Global Head of Consumer.
“We are excited to bring back a brand new product enabling US clients to resume staking with Kraken and play a significant role in bolstering the underlying security of blockchain networks.”
Available Staking Assets
Kraken’s new staking product allows users to delegate assets to validators, who manage transaction validation and block production. In return, clients receive rewards minus fees. To address concerns about risks associated with staking, Kraken has also introduced slashing insurance from a third-party provider, offering additional protection for US customers.
Kraken is a centralized exchange offering on-chain staking that launched services in 2019. It also became an early adopter ofEthereum restaking, supporting projects like EigenLayer.
With proof-of-stake consensus mechanisms becoming increasingly dominant in the crypto world, staking remains a crucial way for investors to participate in blockchain security while earning passive rewards. Kraken’s reintroduction of staking in the U.S. could pave the way for other exchanges to follow suit, reshaping the regulatory landscape for crypto services.
This article was written by Jared Kirui at www.financemagnates.com.
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