Kraken cryptocurrency exchange has made headlines once again with the relaunch of its crypto staking services, sparking a debate about the SEC’s stance on cryptocurrencies under new leadership. Kraken, known for its secure crypto trading services, faced a rough patch in early 2023 when the American securities regulatory body, SEC, took regulatory action against its staking service. This led to financial difficulties for the exchange, prompting them to halt staking services and pay a hefty $30 million fine. However, Kraken CEO later expressed regret over this decision.
On January 30, 2025, Kraken officially announced the reinstatement of its crypto staking services in 37 US states and two new jurisdictions. Mark Greenberg, Kraken’s Global Head of Consumer, emphasized that the relaunch of this service not only benefits Kraken but also the entire crypto industry, thanks to positive changes in the regulatory landscape. The staking service now supports 17 crypto assets, including popular ones like Ethereum (ETH), Solana (SOL), Polkadot (DOT), and Cardano (ADA).
Despite the lack of discussion on the Kraken vs SEC legal battle over staking services, many crypto experts view the relaunch as a positive sign that the SEC no longer opposes crypto staking. This shift is attributed to the appointment of Mark Uyeda as the ProCrypto acting chairman of the SEC under the new US president, Donald Trump.
Crypto staking is a method of earning passive income by holding crypto assets on a blockchain network. While it can be complex to navigate, Kraken offers on-chain staking services in a user-friendly manner, making it accessible to all users interested in staking their assets.
Overall, the relaunch of Kraken’s crypto staking services signifies a positive development for both the exchange and the broader crypto community. With regulatory uncertainties seemingly fading away, more investors may now feel confident in exploring the world of crypto staking for potential financial gains.