Kraken Revives US Staking After SEC Crackdown

Kraken, a leading U.S.-based cryptocurrency exchange, has announced the launch of a new on-chain crypto staking program for its U.S. clients, two years after the U.S. Securities and Exchange Commission (SEC) cracked down on a similar initiative. The new program, which is now available to clients in 37 states and two territories, allows users to stake 17 different assets on-chain.

The new staking program enables Kraken clients residing in Alaska, Arizona, Arkansas, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Louisiana, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Utah, Virginia, West Virginia, Wyoming, District of Columbia, and Puerto Rico to stake Ethereum (ETH), Solana (SOL), Cosmos (ATOM), and 14 other Proof-of-Stake tokens through the exchange.

Mark Greenberg, Kraken's Global Head of Consumers, expressed excitement about the staking re-launch, stating, "Launching this new staking product in the US 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."

The announcement comes two years after the SEC ordered Kraken to discontinue its staking-as-a-service program. Kraken also had to pay $30 million to settle the suit. The new staking program is designed to comply with relevant regulations and provide a secure and user-friendly staking experience for U.S. clients.