Cryptocurrency exchange Uphold has relaunched staking services in the US, citing a shift in regulatory policies and a more favorable stance toward digital assets.
After resuming crypto staking in the United Kingdom in early February, Uphold has now relaunched the feature in the US, the firm said in an announcement shared with Cointelegraph on Monday, March 3.
Starting March 3, 2025, Uphold customers in the US can again earn staking rewards on holdings of 19 crypto assets, including Ether (ETH), Cosmos (ATOM) and Polkadot (DOT), with rewards paid out on a weekly basis in the same cryptocurrency that has been staked.
Uphold’s staking return comes in response to softening crypto regulations in the US, with the Securities and Exchange Commission (SEC) dropping multiple crypto cases, including those against the US largest crypto exchange, Coinbase.
Uphold CEO halted staking in the US in 2023
According to Uphold CEO Simon McLoughlin, the company rescinded staking in the US amid the lack of regulatory clarity and an arbitrary “regulation by enforcement” regime maintained by Gary Gensler-headed SEC.
“Back in 2023, SEC Chair Gary Gensler said that most staking providers failed to provide customers with proper disclosures, such as how a company is protecting a user’s staked assets,” McLoughlin said.
The 19 supported staking assets on Uphold. Source: Uphold
The CEO recalled massive staking-related fines by the SEC, including the Kraken’s $30 million penalty over its staking offering, which pushed many exchanges to halt staking services in the country.
Related: Bybit hack a setback for institutional staking adoption: Everstake exec
“Back then, Uphold announced that it ‘can’t ignore the recent SEC guidance on staking’ and was thus preemptively ending its staking services,” McLoughlin stated.
Uphold praises crypto-aware regulators in the US
The legal ecosystem surrounding crypto assets in the US has “clearly changed” with the new presidential administration and “common sense prevailing in the US approach to crypto policy,” the Uphold CEO said.
“Great to see people who actually understand the technology — such as Hester Peirce leading the SEC crypto task force and Paul Atkins as the presumptive incoming Chair of the SEC — now in positions where they can influence the sentiment and direction of crypto rulemaking,” McLoughlin said, adding:
“Staking is a vital part of blockchain governance and economy. Users should absolutely be able to support this activity and earn from that support. And with the new blockchain-forward environment in the US, we’re delighted to offer staking services to our US customers once again.”
Uphold’s decision to relaunch the US staking has also been partly contributed by the SEC dropping lawsuits against Coinbase, McLoughlin mentioned.
Magazine: Is XRP on its way to $3.20? SEC drops Coinbase lawsuit, and more: Hodler’s Digest, Feb. 16 – 22
