Kraken, a popular cryptocurrency exchange, has announced the return of its staking service in the U.S. Users in 37 states can now earn rewards on 17 digital assets, including Solana and Ethereum.
Kraken's Staking Comeback
After nearly two years of hiatus due to regulatory pressure, the company has revived its staking service. This follows the $30 million settlement with the U.S. Securities and Exchange Commission (SEC) in February 2023. The services are once again available to U.S. users in the form of 'bonded staking'.
Changing Regulatory Climate
The appointment of Mark Uyeda as interim SEC Chair has led to changes in the regulatory approach to cryptocurrencies, beginning with the Trump administration. Kraken and other firms are exploring opportunities under this new 'collaborative' regulatory approach.
Kraken's NFT Market Closure
Kraken has also suspended its NFT marketplace, which is set to shut down completely on February 27, 2025. Despite earlier plans for development, the platform struggled to maintain momentum amid a general decline in NFT interest.
Kraken's staking relaunch signals the readiness of crypto companies to adapt to changing regulatory conditions in the U.S. Meanwhile, the closure of its NFT market illustrates the challenges the industry faces amidst declining demand.
