Kraken Revives Staking Services for U.S. Customers
Kraken, one of the most established cryptocurrency exchanges, has announced the return of its blockchain staking products for a significant number of its American users. This development marks a notable shift in the regulatory landscape for crypto assets in the United States, which has been slowly warming up after a period of stringent regulations.
Starting this week, customers across 39 eligible states will have the opportunity to engage in bonded staking through Kraken Pro. This process involves locking up tokens for predetermined durations, depending on the specific blockchain involved. The announcement was made on Thursday, highlighting Kraken’s commitment to reintroducing this essential feature.
The shift in policy can be attributed in part to the changing political climate, particularly under the administration of Donald Trump. His tenure has signaled a reduction in the harsh measures that were previously imposed on the crypto sector, including those enforced by the Securities and Exchange Commission (SEC).
Back in March 2023, Kraken faced scrutiny from the SEC, leading the exchange to halt its staking-as-a-service platform for U.S. customers and to pay a hefty $30 million fine to settle allegations of offering unregistered securities. However, this latest development indicates a renewed focus on providing staking services that are compliant with regulations.
Mark Greenberg, Kraken’s Global Head of Consumer, emphasized the importance of staking in the crypto ecosystem, stating, “We have long been discussing how to best offer this product and bring staking back to the U.S., because we believe it’s a fundamental aspect of crypto.” He described the recent changes as “an overwhelmingly positive development, not just for Kraken but also for the entire U.S. crypto space.”
As part of this initiative, Kraken’s clients in selected U.S. states will now be able to stake a total of 17 different assets, including popular cryptocurrencies such as ETH, SOL, DOT, and ADA. Additionally, U.S. clients participating in the staking program will benefit from slashing insurance provided by a third-party provider, ensuring a layer of protection for their assets.
