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Well, well, well… look who’s back in the staking game. Kraken just hit the unpause button on crypto staking for U.S. customers across 39 states. But that’s not all, this move signals a serious vibe shift in America’s crypto regulatory landscape.
Kraken’s Staking Drama: From SEC Smackdown to Staking Resurrection
Cast your mind back to early 2023, when Kraken got whacked by the SEC with a $30 million fine. Their crime? Offering unregistered securities through staking services. Talk about staking your luck…
But now, with a fresh breeze of regulatory change sweeping through the U.S., Kraken’s ready to play ball again. This regulatory pivot comes during Donald Trump’s return to the White House, leading to a pause on crypto crackdowns that once had the SEC acting like crypto’s fun police.
Kraken’s staking platform is now fully reloaded with 17 stakable assets, including big dogs like Ethereum (ETH), Solana (SOL), Polkadot (DOT), and Cardano (ADA). Oh, and for those of you who like your crypto with an extra layer of security, they’ve even added third-party slashing insurance. Translation: if something goes wrong, your staked assets are better protected.
What’s Kraken’s Next Move?
Kraken isn’t putting all their eggs (or should we say tokens?) in the staking basket. Last month, they unveiled Ink, a fancy new Layer-2 blockchain that promises to make decentralization and interoperability the main course, not just a side dish.
Read Also: Pump.fun Surpasses $300M in Kraken Deposits Whilst Meme Coins Cool
But hold up, it’s not all sunshine and rainbows. Kraken’s legal tango with the SEC isn’t over. A federal judge recently shot down Kraken’s claim that the SEC doesn’t have authority over crypto. But hey, Kraken isn’t throwing in the towel just yet. They can still argue that the SEC didn’t give them a roadmap showing how staking services could violate U.S. securities law. (We call that the classic “you didn’t say we couldn’t!” defense.)
Kraken’s Global Adventures: Aussie Fines & NFT Exits
Meanwhile, Kraken’s got regulatory heat from the other side of the globe. Down under in Australia, the regulators slapped them with an AU$12 million fine (that’s about $8 million USD for those keeping score at home). Apparently, Kraken offered unauthorized margin trading to over 1,100 customers without making a proper target market determination (TMD). That’s ASIC-speak for “you should’ve known better.”
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And then there’s the NFT saga. Kraken’s saying “buh-bye” to its NFT marketplace on February 27, 2025. Why? Simple: NFT trading volumes are in a slump, the market’s oversaturated, and asset values are deflating faster than a popped balloon at a birthday party. Kraken’s shifting its focus to higher-priority ventures because, let’s be real – 2025 is looking like the year of staking and blockchain infrastructure.
