Kraken Resumes Crypto Staking in the US, Expanding Access Across 37 States

Kraken is reintroducing crypto staking in the United States with a new offering available in 37 states and two territories. Beginning January 30th, eligible users can stake select cryptocurrencies through Kraken Pro. This includes bonded staking, which involves locking assets to a network for a specified period. Kraken delegates these assets to validators responsible for verifying transactions and producing blocks, with rewards given back to users after deducting fees. The service will initially support 17 assets, such as Ethereum (ETH), Solana (SOL), Polkadot (DOT), and Cardano (ADA), with potential for more states to gain access as regulations permit.

Kraken’s relaunch occurs as US regulatory attitudes towards crypto shift under President Donald Trump, providing an opportunity for eased restrictions. Mark Greenberg, Kraken’s Global Head of Consumer, noted that the resumption of staking in the US will significantly contribute to the development and widespread adoption of digital assets. He emphasized, “Launching this new staking product in the U.S. 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 play a significant role in bolstering the underlying security of blockchain networks.”

Kraken previously shut down its staking service in February 2023 and settled with the Securities and Exchange Commission (SEC) by paying $30 million over unregistered securities, without admitting or denying any wrongdoing. During this time, Kraken continued to offer staking services for non-US users through a subsidiary.

With Trump’s presidency, there’s a shift from the strict crypto policies of the last administration, fostering a more favorable climate for companies like Kraken. His new executive order on crypto, “Strengthening American Leadership in Digital Financial Technologies,” aims to reverse the previous administration’s restrictive policies. It establishes a President’s Working Group on Digital Asset Markets, chaired by AI and crypto advisor David Sacks, with key financial regulators. They must review all prior crypto policies within 30 days and propose regulatory changes within 60 days. The group is tasked with delivering a report on digital asset regulations, including stablecoins, within 180 days, and evaluating a government-held crypto stockpile from seized assets. The order also prohibits federal agencies from creating or promoting a central bank digital currency (CBDC). Additionally, Trump has upheld previous pro-crypto promises, including pardoning Silk Road founder Ross Ulbricht.

Twitter: Exciting news for US crypto enthusiasts! Kraken is bringing back staking services across 37 states with a new product launch. Explore the possibilities with supported assets like ETH, SOL, DOT, and ADA. #CryptoStaking #Kraken #CryptoNews