The firm has resumed offering on-chain staking for US customers, following a suspension in 2023.
Cryptocurrency exchange Kraken announced on Monday (today) that the US Securities and Exchange Commission (SEC Securities and Exchange Commission (SEC) The Securities and Exchange Commission (SEC) is one of the most widely known independent authorities in the United States. The SEC has a wide range of responsibilities, helping police markets and curbing against abuse. This includes enforcing federal securities laws, proposing securities rules, and regulating the US' stock and options exchanges.As one of the paramount regulatory authorities in the US, the SEC is responsible for the oversight of public companies in the aforementioned segments.Wha The Securities and Exchange Commission (SEC) is one of the most widely known independent authorities in the United States. The SEC has a wide range of responsibilities, helping police markets and curbing against abuse. This includes enforcing federal securities laws, proposing securities rules, and regulating the US' stock and options exchanges.As one of the paramount regulatory authorities in the US, the SEC is responsible for the oversight of public companies in the aforementioned segments.Wha Read this Term) had agreed in principle to dismiss a civil lawsuit accusing it of operating as an unregistered securities exchange.
The SEC's decision follows a shift in the regulatory environment for cryptocurrency in the US Kraken is now moving to capitalize on this change. The company has reintroduced on-chain staking services for American customers.
Kraken confirmed that the lawsuit dismissal is with prejudice, meaning it cannot be refiled. The company stressed that the dismissal comes without any admission of wrongdoing, no penalties, and no changes to its operations, as reported by Reuters.
The lawsuit, filed in November 2023, was part of former SEC Chair Gary Gensler's initiative to bring more cryptocurrency activities under SEC regulation.
However, with changes in US leadership, especially after President Donald Trump's second term and the appointment of Paul Atkins, a lawyer supportive of digital assets, the SEC has adjusted its approach to cryptocurrency regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry's Leading Regulators?Regulators such as the UK's Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry's Leading Regulators?Regulators such as the UK's Financial Conduct Authority ( Read this Term.
Kraken called the dismissal "a turning point" for the U.S. cryptocurrency sector. The exchange described the lawsuit as politically motivated, arguing that it had hindered innovation and investment. Kraken also thanked the "new leadership" at both the White House and the SEC for their role in the reversal.
Kraken Resumes Staking Services for US
Kraken has reintroduced on-chain staking services for US customers, nearly a year after settling with the SEC in February 2023, as reported by Finance Magnates.
The exchange now offers staking through Kraken Pro in 39 states and territories, with 17 assets available, including Ethereum (ETH) and Solana (SOL). This move follows a broader shift in the U.S. regulatory landscape, as the previous administration's stringent crypto policies have loosened, allowing Kraken and others to resume services once curtailed.