Support for Cryptocurrency Exchange has rebooted staking services in the US, citing changing regulatory policies and a more favorable stance on digital assets.
After resuming Crypto Staking in the UK in early February, Uphold has resumed functionality in the US, the company said in an announcement shared with Cointelegraph on Monday, March 3.
Starting March 3, 2025, endorsing US customers will once again benefit from 19 crypto assets holdings, including Ether (ETH), Cosmos (Atom), and Polkadot (DOT).
Uphold's staking returns will be in response to the softening of US crypto regulations, and the Securities and Exchange Commission (SEC) will remove multiple crypto cases, including those against Coinbase, the largest US crypto exchange.
Huplhold CEO stopped staking in the US in 2023
According to Uphold CEO Simon Mcloughlin, the company has revoked staking in the US amid a lack of regulatory clarity and an arbitrary “enforcement-based regulation” regime maintained by Gary Gensler-Headed Sec.
“In 2023, SEC Chair Gary Gensler said that most steaking providers failed to provide appropriate disclosures to their customers, including companies protecting the assets of their users' piles,” McLoughlin said.
19 supported the assets. Source: uphold
The CEO recalled the massive staking-related fines by the SEC. This has resulted in many exchanges halting domestic staking services, including a $30 million penalty for Kraken's staking services.
Related: Bibit Hack Retreat for Institutional Staking Adoption: Everstake Exec
“At the time, Uphold announced that it could not ignore the guidance from the recent seconds on staking,” and therefore it had preemptively terminated its staking service,” McClaryn said.
In favor praises US encrypted regulators
The legal ecosystem surrounding US crypto assets has been “clearly changed” as well as the new presidential administration and “common sense prevalent in the US approach to crypto policy,” UPHOLD CEO said.
“It's great to see people who really understand technology, like leading the SEC Crypto Task Force and leading Hester Peirce as Paul Atkins putative chairman of the SEC.
“Stakeking is an important part of blockchain governance and the economy. Users need to absolutely support this activity and be able to gain from that support. And we are pleased to be able to offer staking services to our US customers again with the new US blockchain forward environment.”
The binding decision to restart US staking has also been partially contributed by the SEC's fall lawsuit against Coinbase, McLoughlin said.
magazine: Will XRP cost $3.20? The SEC has stopped the Coinbase lawsuit.
