Uphold, a popular crypto trading platform, has reintroduced its staking services to US crypto investors. Beginning March 3, users can now stake and earn rewards from 19 cryptocurrencies, including Ethereum (ETH), Cosmos (ATOM), and Polkadot (DOT).
Uphold Brings Back Staking Service to the US
“We’re delighted to offer staking services to our US customers once again,” Uphold CEO Simon McLoughlin announced. The firm initially halted US staking in 2023 due to SEC regulatory concerns and enforcement actions under the former government. However, with a pro-crypto government in the White House now, Uphold considers it the right time to bring back its staking service. Simon McLoughlin commented that the US regulatory ecosystem has transitioned towards a softer approach under President Donald Trump’s new administration. He commended the US Securities and Exchange Commission (SEC) for appointing Hester Peirce to lead the agency’s crypto task force. As explained in our last article, the task force is focused on creating an innovative crypto environment while maintaining accountability. McLoughlin believes Peirce and Paul Atkins, the presumptive incoming SEC Chair, can influence the sentiment and direction of crypto rulemaking. In a recent update, we covered the US Securities and Exchange Commission (SEC) dropping multiple crypto cases, including those against the Coinbase exchange and Gemini. “The legal ecosystem surrounding crypto assets in the US has ‘clearly changed’ with the new presidential administration,” the Uphold CEO added. He emphasized that the company canceled its staking service in the US back in 2023 due to the unclear regulations under Gary Gensler’s leadership as SEC Chair. At the time, Gensler said most staking providers failed to provide customers with proper disclosures like how their assets are protected. He also likened staking services to lending. Meanwhile, crypto lending products were required to register with the SEC. Concerning this, many ETH ETF issuers removed staking from their registration statements. In his latest announcement, Uphold’s CEO emphasized the importance of staking in blockchain governance and economy. “Users should absolutely be able to support this activity and earn from that support,” the CEO noted.
SEC Considers Crypto Staking
Uphold’s crypto staking relaunch in the US follows the firm’s reintroduction of the service in the UK in February. The company said users will receive weekly rewards in their staked cryptocurrency. Meanwhile, the US Securities and Exchange Commission is reported to have shown a strong interest in staking. As we reported last week, the agency is said to have requested a memo containing comprehensive information on different types of staking and their benefits. Based on the information, industry experts believe the SEC could release a framework to guide its operation in the future. Moreover, the SEC has approved a 19b-4 filing submitted by Cboe BZX Exchange. This filing seeks approval for staking in the 21Shares Core Ethereum Exchange-Traded Fund (ETF).