Uphold Resumes US Staking Services Amid Regulatory Shift
1min read Cryptocurrency exchange Uphold has resumed its staking services in the United States, citing a shift in regulatory policies and a more favorable stance towards digital assets. The company had previously halted these services in 2023 due to regulatory uncertainty and an arbitrary "regulation by enforcement" approach by the Securities and Exchange Commission (SEC) under then-Chair Gary Gensler.
Uphold CEO Simon McLoughlin welcomed the change in the legal ecosystem surrounding crypto assets in the US, noting the appointment of crypto-aware regulators such as Hester Peirce and Paul Atkins. He stated that staking is a vital part of blockchain governance and economy, and users should be able to support this activity and earn from it.
Uphold's decision to relaunch staking services in the US comes after the SEC dropped multiple crypto cases, including those against the largest crypto exchange, coinbase. Starting March 3, 2025, Uphold customers in the US can again earn staking rewards on holdings of 19 crypto assets, including Ether (ETH), cosmos (ATOM), and Polkadot (DOT). Rewards will be paid out on a weekly basis in the same cryptocurrency that has been staked.
The company's staking return is a response to softening crypto regulations in the US, with the SEC dropping several crypto cases and adopting a more lenient stance towards digital assets. Uphold's CEO praised the new blockchain-forward environment in the US, expressing delight in offering staking services to its US customers once again.
