Share this article
Bitstamp to Stop Ether Staking in U.S. Amid Regulatory Scrutiny
The Luxembourg-based exchange said that all other services will remain unaffected.
Updated Aug 24, 2023, 6:40 a.m. Published Aug 24, 2023, 6:38 a.m.
Make us preferred on Google
Bitstamp says it's shutting down its staking service in the U.S. as of September 25 due to the regulatory environment in the country.
The Securities and Exchange Commission (SEC) has been on a warpath against staking, saying it meets the criteria of investment contracts under the Howey Test.
STORY CONTINUES BELOW
In February, Kraken agreed to shut down its U.S. cryptocurrency-staking operations to settle SEC charges over offering unregistered securities, following a closed-door meeting, CoinDesk reported at the time.
Meanwhile, a report from HashKey Capital shows that the ether Liquid Staking Derivatives market – which is decentralized and non-custodial, unlike services offered by exchanges – is projected to grow by $24 billion in the next two years, and Ether.Fi, a decentralized staking platform, closed a $5.3 million round in May.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Crypto faces fork in the road as Clarity Act support wavers, Bitwise says
The asset manager argued that without federal legislation, the industry has three years to become indispensable before political winds potentially shift.
What to know:
- Bitwise said in a blog post Monday that Polymarket odds for the Clarity Act have fallen from 80% to 50% following industry pushback.
- If the bill fails, Bitwise believes crypto must achieve mass adoption in stablecoins and tokenization to force a regulatory hand.
- The firm anticipates a sharp rally upon the bill's passage, while a failure would likely lead to a "slower ascent" tied to proven utility.
Top Stories
