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Kraken Resumes Crypto Staking For U.S. Investors After Two Years

With a new wave of regulatory changes under Trump, Kraken has reintroduced staking for U.S. customers

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San Francisco-based cryptocurrency exchange, Kraken, has relaunched its on-chain staking service for U.S. customers, nearly two years after terminating the service.

In an official blog post on Thursday, the exchange disclosed that the new staking product is now available for U.S. customers across select 37 states and 2 territories.

A New Staking Product for U.S. Customers

The exchange noted that users can access the on-chain staking product on Kraken Pro. Using the product, Kraken customers in the eligible states and territories can stake 17 assets, including ETH, SOL, ADA, and DOT.

Commenting on the launch, Kraken’s global head of consumer Mark Greenberg said,

“Launching this new staking product in the U.S. is an overwhelmingly positive development, not just for Kraken but also for the entire U.S. crypto space. We are excited to bring back a brand new product enabling U.S. clients to resume staking with Kraken and play a significant role in bolstering the underlying security of blockchain networks.”

Additionally, the new staking product will allow Kraken users to participate in bonded staking, which locks up tokens to the network for a specific period of time. The exchange also plans to make its restaking feature available to customers in eligible states.

Changing Regulatory Climate 

The latest development comes amid a change in the crypto industry’s regulatory climate. With its pro-crypto stance, the current Trump administration has relaxed several strict rules imposed on the crypto industry by the previous administration. 

In February 2023, Kraken was forced to shut down its U.S. crypto staking service and pay $30 million in settlements to the U.S. Securities and Exchange Commission. The agency, under Gary Gensler’s leadership, alleged that Kraken was offering unregistered securities. 

Gensler has since resigned from the agency following President Trump’s victory and is currently a professor at MIT. However, he has continued to receive backlash for his unfavorable stance against crypto during his tenure as SEC chairman. 

Earlier today, Gemini’s co-founder Tyler Winklevoss stated that the exchange will no longer hire MIT graduates due to the school’s ties with Gensler.

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