Kraken has reinstated its crypto staking services for US clients in response to the SEC’s refreshed policies and Donald Trump’s pro-crypto stance.
The United States’ crypto industry is currently experiencing a substantial resurgence under the administration of President Donald Trump. Following its restructuring, the Securities and Exchange Commission (SEC) is transitioning to a more accommodating approach, replacing stringent regulations with crypto-friendly policies. Consequently, Kraken, a cryptocurrency exchange, has revolutionized blockchain staking services for its customers in the United States.
Kraken Reintroduces Crypto Staking Products in the United States
Kraken’s new onchain staking services were officially announced for US clients in 39 states and territories. The action is a noteworthy illustration of the US Securities and Exchange Commission’s revised cryptocurrency strategy.
Kraken Pro provides eligible clients with the opportunity to stake qualified tokens securely. This is particularly noteworthy. These clients can engage in bonded staking, which entails “bonding” their crypto assets to the network for a predetermined duration. The platform plans to expand its staking services to additional US states with regulatory sanctions.
An Action to Influence the Global Crypto Space
Kraken’s Global Head of Consumer Mark Greenberg expressed his belief that the global crypto space would benefit from the company’s recently implemented crypto staking features. According to Greenberg,
Launching this new staking product in the US is an overwhelmingly positive development, not just for Kraken but also for the entire US crypto space. We are excited to bring back a brand new product enabling US clients to resume staking with Kraken, and playing a significant role in bolstering the underlying security of blockchain networks.
It is crucial to note that Kraken, the premier crypto exchange, is committed to offering US customers the same crypto staking services presently available to clients in other regions. Onchain staking services could fuel the adoption and expansion of cryptocurrencies in the United States, as per Greenberg. In addition, Greenberg stated, “Kraken functions as a bridge that enables individuals to engage in a progressively broader array of related activities and access the crypto space from a platform and interface that are familiar to them.”
The SEC’s Change influences Kraken’s Resurrection in Position
Kraken was previously accused by the Securities and Exchange Commission (SEC) of violating regulatory requirements by selling purportedly unregistered securities in February 2023. Subsequently, the platform consented to discontinue its staking-as-a-service platform for clients in the United States. Kraken agreed to pay a $30 million settlement as part of the resolution to resolve the charges brought by the SEC.
Nevertheless, the crypto industry in the United States has entered a new era due to Donald Trump’s re-election. The community’s optimism has been substantially enhanced by Gary Gensler’s resignation and Mark Uyeda’s assumption of the acting chair. Kraken has been able to relaunch its crypto staking services in the United States due to the updated SEC policies, which have opened the door for additional innovations.