From a customer’s perspective, it’s a way to receive returns on cryptocurrencies, by agreeing for them to be “put to work,” or “locked up,” for a certain period of time. Staking is only possible on “proof-of-stake” blockchains, such as ethereum.
, Binance, Crypto.com, Gemini, Huobi and OKX. Those firms offer clients anywhere from a 2% annual percentage yield to as high as 40% APY on certain tokens. The most popular tokens that can be staked include ethereum, Solana, Polygon and Avalanche. SEC Chair Gary Gensler said the action should put other crypto exchanges that offer similar services to U.S. users on notice, and that those platforms should come into compliance with securities laws.
Although Gensler said the SEC's settlement with Kraken should be a warning sign to the rest of the cryptocurrency industry, it's not immediately clear that other crypto exchanges that offer staking will register those services with the SEC.
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