Kraken, a leading cryptocurrency exchange, has launched its on-chain staking service for U.S. clients in 37 states and two territories, marking a significant development in the evolving regulatory landscape for digital assets in the United States.
This move follows a period of regulatory scrutiny and a settlement with the Securities and Exchange Commission (SEC) in 2023, which forced Kraken to suspend its staking services for U.S. customers. The SEC had alleged that Kraken’s staking program constituted the offering of unregistered securities.
Kraken’s relaunched staking service allows eligible U.S. clients to participate in bonded staking for 17 crypto assets, including Ethereum (ETH), Solana (SOL), Polkadot (DOT), and Cardano (ADA). Bonded staking involves locking up crypto assets for a specific period to support the security and operation of blockchain networks. In return, stakers receive awards for what they contribute.
The company emphasized that the relaunch of its staking service reflects its commitment to providing users with access to a broader range of crypto-related activities while adhering to evolving regulatory guidelines.
This development comes amid a shifting regulatory landscape in the U.S., with the current administration taking steps to establish clearer guidelines for cryptocurrency activities. The reintroduction of Kraken’s staking service is seen as a positive sign for the crypto industry, indicating a potential easing of regulatory pressure and increased opportunities for innovation in the space.
