Cryptocurrency

Uphold ends staking for US customers following SEC guidance

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CoinDesk Consensus

Cryptocurrency exchange Uphold, which is integrated into the Brave Rewards program in the Brave browser, has sent an email to customers stating that it will be discontinuing its staking service to U.S. customers on April 27, 2023.

In the wake of the SEC’s recent moves to crack down on cryptocurrency-related products and companies, Uphold has preemptively terminated its staking service after announcing that it “cannot ignore recent SEC guidance on staking.” bottom.

Uphold has confirmed that it has not heard from the SEC and is terminating its U.S. staking service “until there is more legal and regulatory clarity.”

After March 22nd, user funds will be de-staked by Uphold and will be “accessible from now until April 27th, 2023”. The amount of time it takes for funds to become available depends on the “unlimited period” of the individual blockchain.

United States escape

Uphold has become another crypto project to leave the US due to uncertainty over the regulatory environment. Nexo made a similar announcement in December, citing a “lack of regulatory clarity” as the reason. Also, SushiSwap, Coinbase, Justin Sun, and his FTX-related celebrities such as Lindsay Lohan, Jake Paul, Soulja Boy, Akon, and Ne-Yo all spoke out about their crypto-related activity this week at the SEC. I was contacted by .

On March 23, Circle CEO Jeremy Allaire commented on the apparent SEC crackdown, stating, “There appears to be a massive risk-off from the US dollar exposed to US banking and US regulatory risk. ‘ said.

The future of the non-Bitcoin crypto industry looks uncertain inside the United States in 2023. Following the demise of FTX, there are now countless actions by the SEC to tighten regulations on companies and individuals offering crypto or Web3 services in the United States. Rather than fight the SEC, however, some companies appear to be choosing to close U.S. markets until the regulation and legal framework become more transparent.

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