Kraken crypto exchange has made a major announcement by restarting its crypto staking services, raising questions about the SEC’s stance on cryptocurrencies under new leadership. Kraken, known for its highly secure crypto trading services, faced a regulatory crackdown by the SEC in early 2024, leading to the suspension of its staking services and a hefty $30 million fine. The decision to shut down staking services was a difficult one for Kraken, and the CEO later expressed regret over the move.
However, on January 30, 2025, Kraken officially relaunched its staking services in 37 US states and two new jurisdictions. Mark Greenberg, Kraken’s Global Head of Consumer, stated that the relaunch is not only significant for Kraken but also for the broader crypto industry, signaling positive changes in the regulatory landscape. The staking service supports 17 crypto assets, including popular tokens like Ethereum ($ETH), Solana ($SOL), Polkadot ($DOT), and Cardano ($ADA).
While Kraken executives did not address the previous conflict with the SEC over staking services, many in the crypto community view the relaunch as a positive sign. The appointment of Mark Uyeda as the new ProCrypto acting chairman of the SEC under President Donald Trump’s administration is seen as a key factor in the regulatory shift towards crypto staking services.
Crypto staking allows investors to earn passive income by holding tokens on a blockchain network. While the staking process can be complex, Kraken aims to simplify it for users by providing on-chain staking services in a user-friendly manner. This move is expected to attract more participants to the staking ecosystem and drive further adoption of cryptocurrencies.
In conclusion, Kraken’s decision to restart its staking services marks a significant milestone for the exchange and the crypto industry as a whole. With regulatory barriers easing and a renewed focus on innovation, the future of crypto staking looks promising for investors and enthusiasts alike.
