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Kraken has reinstated its cryptocurrency staking services for customers in 39 eligible U.S. states, nearly two years after a legal settlement with the U.S. Securities and Exchange Commission (SEC). In February 2023, Kraken agreed to pay a $30 million fine to resolve charges that it violated securities laws by offering staking services without proper registration. The settlement also required Kraken to shut down its staking-as-a-service business for U.S. clients.
However, Kraken has now resumed offering staking for 17 digital assets, including Ethereum (ETH), Solana (SOL), and Cardano (ADA), via its Kraken Pro platform. This new offering is different from the previous one, adopting a bonded staking model, which means users will need to lock up their tokens for a predetermined period. The lock-up duration will depend on the specific blockchain network.
In addition, Kraken has introduced slashing insurance, providing users with an extra layer of risk management. This feature aims to protect users in case of slashing events, where a portion of staked tokens is forfeited due to network faults or misbehavior by validators.
This move by Kraken to relaunch staking services in the U.S. is noteworthy because it comes after a period of regulatory uncertainty for crypto staking. The SEC has long held a firm stance against staking, viewing it as an unregistered securities offering. However, Kraken’s decision to bring back staking may signal a shift in the regulatory landscape, especially with the potential for clearer regulations under the Biden administration, which has made early signals of adopting a more crypto-friendly policy agenda.
The return of Donald Trump to the White House has also prompted speculation about a pro-crypto policy shift, with officials favorable to the digital asset industry being nominated for key positions. This could signal a move toward more comprehensive digital asset regulations, which might reshape the regulatory environment for crypto services like staking.
Kraken’s staking re-launch highlights the evolving regulatory climate in the U.S. and the growing demand for yield-generating services in the crypto space. As the regulatory framework for digital assets continues to develop, other platforms may follow Kraken’s lead, offering staking services with clearer guidelines and protections for users.
