Crypto exchange Bitstamp is ending its ether (ETH) staking program for all U.S. users on Sept. 25 amid a challenging regulatory environment.
Earlier this year, Kraken had to halt its staking program in the U.S. as part of its settlement with the SEC.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Bitstamp, the longest-running crypto exchange, is set to end its ether staking program for all U.S. users from next month.
"Starting September 25, 2023, Bitstamp will no longer offer staking services in the United States," Bobby Zagotta, Bitstamp's U.S. CEO and global chief commercial officer, said in a statement shared with The Block."As a result, U.S. customers will stop receiving staking rewards. All other Bitstamp services will remain unaffected."
The move comes amid a challenging regulatory environment in the U.S. Staking services have recently been targeted by the Securities and Exchange Commission, with the agency saying such services fall under investment contracts and therefore have to be registered as securities. Earlier this year, crypto exchange Kraken ceased its staking service for U.S. customers as part of its $30 million settlement with the SEC due to an alleged unregistered securities offering. The SEC recently also sued Coinbase, saying the crypto exchange's prime brokerage, exchange and staking programs violate securities laws. Coinbase then"Considering current regulatory dynamics in the U.S.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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