- Uphold relaunches staking services in the U.S., offering rewards on 19 crypto assets, following a shift in regulatory stance toward digital assets.
- SEC’s change in leadership and dropped lawsuits signal a more favorable regulatory environment, enabling Uphold to restart staking services in the U.S.
Uphold, the cryptocurrency trading platform, has officially resumed its crypto staking services in the United States, starting March 3, 2025. This development will allow Uphold users in the U.S. to once again stake and earn rewards on a range of 19 cryptocurrencies, including well-known assets such as Ether (ETH), Cosmos (ATOM), and Polkadot (DOT). The move comes after a regulatory shift, with the company responding to a more favorable environment for digital assets in the U.S.
The relaunch of staking services by Uphold is seen as a result of evolving regulations in the U.S. According to Uphold CEO Simon McLoughlin, the company’s decision to withdraw staking services in 2023 was due to the unclear regulatory situation at the time, amid the U.S. Securities and Exchange Commission’s (SEC) aggressive stance on crypto services.
At that time, the SEC had criticized staking providers for failing to disclose how user assets were being protected, leading to penalties, such as Kraken’s $30 million fine for similar practices.
However, recent developments suggest a more accommodating stance toward cryptocurrencies in the U.S. Changes in the presidential administration have shifted the regulatory landscape surrounding digital assets. This change has created a more favorable environment for Uphold to bring back staking services to its U.S. users.
Staking Returns with Weekly Rewards
From March 3, Uphold’s U.S. customers will be able to stake their assets and earn weekly rewards in the same cryptocurrency they stake. This includes major cryptocurrencies such as ETH, ATOM, and DOT.
The company initially halted its staking service in the U.S. in 2023 due to regulatory pressures. As reported by ETHNews, the suspension came shortly after the SEC’s crackdown on staking activities, including its action against Kraken. However, with the shift in the regulatory climate and clearer guidelines, Uphold is now poised to restart this service, highlighting the role of staking in blockchain governance and its economic importance.
SEC’s Regulatory Shift and Impact on Crypto Staking
Uphold’s move to relaunch its staking service in the U.S. is influenced by recent SEC actions. The SEC’s decision to drop lawsuits against major crypto exchanges, including Coinbase, marks a shift. Uphold sees this as a signal that the regulatory body is adopting a more collaborative approach to cryptocurrencies.
The leadership changes within the SEC, including the influence of figures like Hester Peirce and Paul Atkins, who are viewed as more crypto-aware, have also contributed to the positive outlook for the industry. McLoughlin states that these developments have created an environment where blockchain services like staking can flourish again.
A Positive Step for Crypto Adoption
Uphold’s decision to unlock crypto staking in the U.S. is beneficial for users looking to earn passive rewards and reflects the shifting regulatory landscape for cryptocurrencies in the country. This move could catalyze increased confidence and broader adoption of digital assets across the U.S. market.
Uphold’s reinstatement of staking services is crucial for the crypto market, reflecting the potential for innovation in a more stable and positive regulatory environment. As the industry continues to evolve, the full impact of these changes on crypto adoption and governance remains to be seen.