Crypto exchange Bitstamp discontinues staking services for US customers
Crypto exchange Bitstamp has announced that it will no longer offer staking services for customers in the United States. The decision will come into effect on September 25, 2023. Bitstamp U.S. CEO and global chief commercial officer Bobby Zagotta stated that customers will continue to earn staking rewards until the specified date, after which all staked assets will be unstaked. Rewards and principal will be credited to users’ main Bitstamp account balances, although it may take a few days for the changes to reflect. Bitstamp charges a 15% commission on staking rewards and currently offers a 4.50% monthly reward rate for staking ETH.
Key points:
– Bitstamp will discontinue staking services for customers in the United States on September 25, 2023.
– Users will receive staking rewards until the specified date, after which assets will be unstaked.
– Bitstamp charges a 15% commission on staking rewards, with a monthly reward rate of 4.50% for staking ETH.
– The decision is likely related to recent legal developments in the United States.
– Bitstamp has previously suspended trading for certain tokens deemed unregistered securities by the SEC.
Ether’s regulatory classification in the United States
Ether, the native cryptocurrency of the Ethereum blockchain and the second largest by market cap, is at the center of the ongoing regulatory environment in the United States. The classification of Ether as either a commodity or a security is a key issue. The Commodity Futures Trading Commission has consistently categorized Ether as a commodity, while SEC Chair Gary Gensler has not explicitly stated whether ETH should be considered a security.
Hot Take:
Bitstamp’s decision to discontinue staking services for US customers highlights the challenges and uncertainties surrounding cryptocurrency regulations in the United States. The classification of Ether as a commodity or a security remains unresolved, creating a complex regulatory landscape for crypto exchanges and investors. This move by Bitstamp is likely a precautionary measure in response to recent legal developments and serves as a reminder of the need for clearer regulatory guidelines in the crypto industry.
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