Bitstamp to End Ether Staking Program for U.S. Users
Bitstamp, the long-running crypto exchange, has announced that it will be discontinuing its ether staking program for all U.S. users starting from September 25, 2023. This decision comes as a result of the challenging regulatory environment surrounding staking services in the U.S. The move follows similar actions taken by other exchanges, such as Kraken and Coinbase, in response to scrutiny from the Securities and Exchange Commission (SEC).
Key Points:
– Bitstamp will no longer offer staking services to U.S. customers, and they will no longer receive staking rewards.
– The decision to discontinue staking services is due to the current regulatory dynamics in the U.S.
– Bitstamp’s move follows the actions of other exchanges, such as Kraken and Coinbase, who have also faced regulatory challenges.
– Bitstamp only offered ETH staking in the U.S., with a commission of 15% on all rewards received by users.
– Customers will continue earning staking rewards until September 25, 2023, after which all staked assets will be unstaked.
This latest development from Bitstamp comes shortly after the exchange halted trading of seven tokens in the U.S. that were deemed unregistered securities by the SEC, including Polygon, Solana, and Near Protocol.
Hot Take:
Bitstamp’s decision to end its ether staking program for U.S. users is a direct response to the increasing regulatory scrutiny faced by crypto exchanges. As the SEC continues to target staking services and classify them as securities, exchanges are left with no choice but to comply or risk legal action. This trend highlights the need for clearer regulations and guidelines in the crypto industry to ensure the continued growth and innovation of these services.
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