Kraken, one of the longest-standing crypto exchanges, has taken a significant step forward by reinstating blockchain staking products for many of its American customers. This development marks a pivotal moment in the evolving landscape of cryptocurrency in the U.S., indicating that the previously restrictive environment for crypto assets is starting to thaw.
Customers across 39 eligible states will now have the opportunity to utilize Kraken Pro for bonded staking, a process in which tokens are locked for specific periods, depending on the underlying blockchain. Kraken announced this positive change on Thursday, reflecting a growing acceptance of blockchain technology and its associated financial products.
Important changes in the political landscape also appear to correlate with this shift. The Trump administration has indicated a move away from the stringent measures against cryptocurrency that were implemented during the previous administration, particularly those enforced by the Securities and Exchange Commission (SEC).
Back in March 2023, Kraken made headlines when it agreed to terminate its staking-as-a-service platform for U.S. customers and pay a $30 million settlement to the SEC for allegedly offering unregistered securities. This settlement marked a challenging period for the exchange, prompting a reevaluation of its services.
“We have long been talking about how best to offer this product and bring staking back to the U.S., because we believe it’s so important as a foundational element of crypto,” shared Mark Greenberg, Kraken’s Global Head of Consumer, in an interview. His remarks emphasize the significance of staking as a core component of the cryptocurrency ecosystem.
Greenberg further described this reinstatement as “an overwhelmingly positive development, not just for Kraken but also for the entire U.S. crypto space.” This statement highlights the broader implications of Kraken’s decision, suggesting that it could pave the way for other exchanges to reconsider their stances on staking products.
U.S. clients in select states will now be able to stake a diverse array of 17 assets, including well-known cryptocurrencies such as ETH, SOL, DOT, and ADA. Notably, assets belonging to U.S. clients are also protected by slashing insurance provided by a third-party provider, ensuring a higher level of security for participants.
This development by Kraken signals a constructive shift for the crypto industry in the United States, as more exchanges may follow suit in offering staking services. As the landscape continues to evolve, it will be interesting to monitor how regulatory frameworks adapt and how companies position themselves in this dynamic environment.
