Kraken relaunched its staking services for U.S. customers, letting them stake Solana (SOL), Ethereum (ETH), and 15 other cryptocurrencies. Recall that in early 2023, the exchange had to pause its staking platform due to regulatory issues, but now, after nearly two years, it’s back.
The reinstatement of these services in 37 states and 2 territories of the United States reflects a broader shift in the regulatory environment under Donald Trump’s administration. This highlights the current government’s perceived preference for the cryptocurrency sector.
New Staking Opportunities for US Investors
The new staking service lets users lock their assets directly on the blockchain. This will allow them to participate in transaction validation while receiving rewards proportional to their staked amounts.
Users can earn up to 25% APY whenever they stake their assets. This model boosts user engagement while keeping up with global trends towards decentralized finance (DeFi).
The list of supported cryptocurrencies includes popular options such as Solana, Ethereum, Polkadot (DOT), Cardano (ADA), and 13 others. This diverse offering aims to attract both seasoned investors and newcomers looking to participate in the rapidly growing ecosystem.
As part of its commitment to security, Kraken has implemented slashing insurance through a third-party provider for U.S. clients’ assets, adding an extra layer of protection for users participating in staking activities.
Mark Greenberg, Kraken’s Global Head of Consumer, emphasized the strategic importance of this relaunch. He noted that the ability to stake various assets could drive greater adoption and engagement within the platform. Notably, the platform’s approach is designed to ensure compliance with U.S. regulations.
Regulatory Changes and Their Impact
Kraken’s decision to relaunch its staking services comes amid a changing regulatory landscape influenced by President Donald Trump’s administration. President Donald Trump has signaled a more lenient stance towards cryptocurrencies than previous administrations.
In February 2023, Kraken faced scrutiny from the SEC, which accused the exchange of operating an unregistered staking program. This accusation led to a $30 million settlement and the suspension of its services for U.S. clients.
However, recent changes in leadership at the SEC have fostered a more accommodating environment for crypto businesses. Kraken is set to strengthen its position as a leading player in the competitive crypto market while empowering U.S. investors with new opportunities for passive income generation through staking.
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