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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.
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.
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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.
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