US Users Can Earn Stake Rewards Again

According to Uphold’s announcement, as of March 3, 2025, users in the US will be able to earn rewards by staking on 19 different cryptocurrencies, including Ether (ETH), Cosmos (ATOM) and Polkadot (DOT). Users will receive weekly staking rewards directly in the cryptocurrency they stake.

The move coincides with the SEC withdrawing its lawsuits against major crypto companies such as Coinbase. This development is seen as a strong sign that the crackdown on the crypto sector in the US is easing.

Why Uphold Stopped Stake Services in 2023

Uphold CEO Simon McLoughlin stated that the main reason for the suspension of staking services in 2023 was that the SEC acted through enforcement rather than clear regulation.

SEC Chairman Gary Gensler took tough action against exchanges at the time, arguing that many staking services were not transparent about how user funds were protected.

In particular, Kraken was fined $30 million for its staking services, prompting many platforms to halt their staking programs. Uphold also suspended its staking services, stating that it could not ignore the SEC’s stance.

Crypto Policy is Changing in the US: Is the New Era Beginning?

Uphold’s reinstatement of staking services is considered a strong signal that the regulatory environment in the US is softening. CEO McLoughlin emphasized that the US has adopted a more open and technology-friendly approach to crypto assets with the new administration.

In particular:

• Easing the SEC’s crackdown on the crypto sector,
• Hester Peirce is one of the names within the SEC that supports crypto-friendly policies,
• Paul Atkins’ appointment as SEC Chairman is on the agenda,

such developments have raised hopes that crypto regulations in the US will now take shape with a more logical and forward-looking approach.

McLoughlin stated that staking plays an important role in the blockchain ecosystem and said, “We are pleased to reintroduce our staking services as a new environment supporting blockchain technology is emerging in the US.”

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Ripple Labs CEO Brad Garlinghouse announced that the New York Department of Financial Services (NYDFS) has approved the company’s RLUSD stablecoin after months of evaluation.

In a post on X on December 10, Garlinghouse stated that following the NYDFS approval, Ripple will soon announce exchange and partner listings for RLUSD. The company had launched plans for this stablecoin in April, positioning it as a competitor to Tether’s USDT and Circle’s USD Coin.

Brad GarlingHouse’s tweet:

Ripple executives have predicted that the stablecoin could reach a market value of $2 trillion by 2028.

The company began testing RLUSD in August on the XRP ledger and Ethereum mainnet, and in October, it announced partnerships with exchanges such as Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish.

In September, Garlinghouse mentioned that Ripple planned to focus RLUSD on institutional players. As of December 10, the combined market value of USDT and USDC was recorded at approximately $180 billion.

How will Ripple manage both XRP and RLUSD?

Like other USD stablecoins, RLUSD will be pegged 1:1 to the US Dollar.

In April, Ripple announced plans to back the tokens with USD deposits, short-term US Treasury bonds, and “other cash-like assets.”

In June, Ripple President Monica Long stated that RLUSD would be “complementary and additive” to XRP.

Garlinghouse appeared in a 60 Minutes segment aired on December 8, discussing the cryptocurrency industry’s influence on the 2024 United States elections.

Ripple is also engaged in an ongoing legal battle with the US Securities and Exchange Commission (SEC) regarding XRP token offerings.

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