Key Points
- Kraken has resumed its staking services for US customers after nearly two years of regulatory challenges.
- The cryptocurrency exchange now offers a new on-chain staking product for its US clients.
After overcoming regulatory obstacles for nearly two years, global cryptocurrency exchange Kraken has officially restarted its staking services for US customers. The services had been discontinued in February 2023.
Return of Staking Services
On January 30, Kraken, known as the longest standing exchange, announced a new on-chain staking product for US clients in 39 states. The relaunch was possible due to a shift in the regulatory environment.
This change followed Donald Trump’s inauguration as the 47th President of the United States on January 20. Under the previous administration, Kraken had to suspend its staking services due to a $30 million settlement with the Securities and Exchange Commission (SEC). The SEC had accused Kraken of offering unregistered securities.
The SEC, led by former chair Gary Gensler, had taken a tough stance against crypto-related services, making it increasingly difficult for exchanges to operate staking programs in the US. However, with a more crypto-friendly administration now in place, the regulatory landscape has begun to shift.
Support for Multiple Cryptocurrencies
Following Gensler’s departure on the same day as Trump’s inauguration, policy changes favoring digital assets have been introduced. As a result, Kraken has re-entered the staking market with new products designed to meet its clients’ needs. However, these services are only available in eligible states.
Kraken now supports various cryptocurrencies, allowing users to stake up to 17 digital assets including Bitcoin, Ethereum, Solana, Cardano, and Polkadot. These assets can be staked through Kraken Pro, the exchange’s advanced trading platform.
In addition to re-entering the crypto staking market in the US, Kraken has taken measures to secure user assets. The exchange confirmed that all staked assets are insured by a third-party provider, offering an additional layer of protection against potential risks.
Kraken initially entered the staking space in 2019, becoming one of the first centralized exchanges to offer staking services. The company positioned its staking program as a way for users to contribute to the security of Proof-of-Stake (PoS) blockchains like Ethereum and Solana while earning passive rewards.
In 2024, Kraken joined a growing list of crypto platforms enabling users to restake ETH, a move that supports projects building on EigenLayer, a protocol designed to enhance Ethereum’s security model.
