Cryptocurrency exchange Uphold has resumed staking services in the United States, signaling a shift in regulatory attitudes toward digital assets.
The company announced that customers in the U.S. can once again earn staking rewards on 19 cryptocurrencies, including Ethereum, Cosmos, and Polkadot. Rewards will be distributed weekly in the same cryptocurrency that users have staked.
Regulatory Clarity Paves the Way
This move follows Uphold’s recent decision to relaunch staking in the United Kingdom after regulatory adjustments there. The company attributed its return to the U.S. market to a more favorable legal environment and a changing approach to crypto regulation.
Uphold CEO Simon McLoughlin noted that the exchange had previously suspended staking services in the U.S. due to regulatory uncertainty and what he described as an arbitrary “regulation by enforcement” approach by the SEC under Gary Gensler.
He recalled that in 2023, Gensler had criticized most staking providers for failing to disclose how they protected users’ assets.
McLoughlin now sees a significant shift in how the U.S. is handling crypto regulation. He pointed out that the SEC has recently dropped several high-profile cases against crypto firms, including Coinbase and Robinhood, which suggests a move away from aggressive enforcement actions.
He believes this change reflects a more balanced and informed approach to crypto oversight.
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Staking Resumes in the UK
Before returning to the U.S. market, Uphold had already resumed staking services in the UK following a regulatory update. A Treasury amendment to the Financial Services and Markets Act 2000 reclassified staking, removing it from the “collective investment scheme” category.
This change allowed registered crypto-asset service providers to offer staking with fewer restrictions, making it easier for users to participate in blockchain governance and earn rewards.
The company described this legal update as a major step forward for the industry. In a press release, Uphold stated that clearer regulations now allow users in the UK to contribute to blockchain networks and benefit from staking rewards.
New Leadership, New Approach
McLoughlin also credited the changing regulatory landscape in the U.S. to the new presidential administration and a shift in leadership at the SEC.
He highlighted the influence of figures like Hester Peirce, who is leading the SEC’s crypto task force, and Paul Atkins, the expected incoming SEC Chair.
According to McLoughlin, both individuals have a deep understanding of blockchain technology and are positioned to shape a more supportive regulatory framework.
He emphasized that staking is a fundamental part of blockchain ecosystems, allowing users to contribute to network security and governance while earning rewards.
With the U.S. now adopting a more crypto-friendly stance, he expressed excitement about offering staking services to American customers once again.
A Positive Sign for Crypto Adoption
Uphold’s decision to relaunch staking in the U.S. signals a broader shift in the country’s approach to cryptocurrency.
With regulatory clarity improving and policymakers showing a deeper understanding of digital assets, more companies may follow suit in expanding their crypto offerings. While challenges remain, the renewed ability for users to stake crypto legally and securely is a step toward wider adoption.
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