The US crypto industry is experiencing a significant resurgence under President Donald Trump’s administration. The restructured Securities and Exchange Commission (SEC) is adopting a more accommodative approach, replacing stringent regulations with crypto-friendly policies. As a result, crypto exchange Kraken has reinvented blockchain staking services for US clients.
Kraken Brings Back Crypto Staking Products to US
In an official announcement, Kraken introduced its new onchain staking services targeting US clients in 39 states and territories. The move marks a significant example of the US SEC’s renewed approach to cryptocurrencies.
Notably, the platform allows eligible clients an opportunity to securely stake qualified tokens via Kraken Pro. These clients could participate in bonded staking, a process that involves locking, or “bonding,” their crypto assets to the network for a specific period. The platform also intends to extend its staking services to more US states with regulatory approval.
A Move To Influence the Global Crypto Space
Mark Greenberg, Kraken Global Head of Consumer, commented that Kraken’s newly introduced crypto staking features would be beneficial for the global crypto space. Greenberg stated,
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.
Importantly, Kraken, the top crypto exchange, aims to provide US customers with the same crypto staking services currently available to clients in other regions. According to Greenberg, onchain staking services could drive the growth and adoption of cryptocurrencies in the US. Greenberg added, “Kraken serves as a bridge so people can access the crypto space and participate in an increasingly broad range of related activities from an interface and platform that they’re familiar with.”
SEC’s Shift in Stance Drives Kraken’s Comeback
Previously, in February 2023, the SEC claimed that Kraken failed to comply with the regulators by selling alleged unregistered securities. As a result, the platform agreed to terminate its staking-as-a-service platform for U.S. customers. As part of the resolution, Kraken consented to pay a $30 million settlement to resolve the charges filed by the SEC.
However, Donald Trump’s re-election has ushered in a new era for the crypto industry in the US. Gary Gensler’s resignation and Mark Uyeda’s takeover as the acting chair have further bolstered the community’s optimism. The updated SEC policies have enabled Kraken to revamp and relaunch its crypto staking services in the US, paving the way for further innovations.
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