Kraken Relaunches Crypto Staking in the US, Expanding Access to 37 States

Kraken is bringing back crypto staking to the United States with a new product available in 37 states and two territories. Starting January 30th, eligible users can stake select cryptocurrencies through Kraken Pro.

This involves bonded staking, where assets are locked to a network for a set period. Kraken delegates these assets to validators, who verify transactions and produce blocks.

Rewards are then passed back to users after fees. The service will support 17 assets, including Ethereum (ETH), Solana (SOL), Polkadot (DOT), and Cardano (ADA). More states may gain access as regulations allow.

Crypto Staking Returns

The latest relaunch by Kraken comes amidst shifting US regulatory attitudes toward crypto under President Donald Trump, as market players expect eased restrictions from the previous administration. In a statement, Mark Greenberg, Kraken Global Head of Consumer said that the resumption of staking in the country will play a significant role in the development and mass adoption of digital assets.

The exec went on to add,

“Launching this new staking product in the U.S. is an overwhelmingly positive development, not just for Kraken but also for the entire US crypto space. We are excited to bring back a brand new product enabling US clients to resume staking with Kraken and play a significant role in bolstering the underlying security of blockchain networks.”

Kraken shut down its staking service in February 2023 and paid $30 million to settle the Securities and Exchange Commission’s (SEC) charges over unregistered securities without admitting or denying any wrongdoing. During this period, Kraken continued to maintain its staking services for non-US users via a subsidiary.

White House Crypto Pivot

Trump’s return to the presidency signals a shift away from the harsh crypto policies of the last administration, which is expected to prove a more favorable environment for companies like Kraken to resume services. For instance, his new executive order on crypto, “Strengthening American Leadership in Digital Financial Technologies,” aims to dismantle the previous administration’s restrictive policies.

The order creates a President’s Working Group on Digital Asset Markets, chaired by AI and crypto advisor David Sacks, alongside key financial regulators. Agencies must review all prior crypto policies within 30 days and propose regulatory changes within 60 days. The group has 180 days to deliver a report on digital asset regulations, including stablecoins, and to evaluate a government-held crypto stockpile sourced from seized assets.

The order also bans federal agencies from creating or promoting a central bank digital currency (CBDC). Among other things, Trump has also followed through on previous pro-crypto promises, including pardoning Silk Road founder Ross Ulbricht.