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  The crypto exchange is ending staking services for U.S.-based users on Sep. 25; the decision comes a few weeks after Bitstamp halted trading for seven altcoins in the country. 
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<div class="cointelegraph"> 
 <p>Crypto exchange Bitstamp will discontinue <a rel="noopener noreferrer nofollow" title="staking" href="https://thebittimes.com/tag/staking.html">staking</a> services for customers based in the United States. In a message shared with Cointelegraph, the exchange announced the ending of Ether (ETH) <a rel="noopener noreferrer nofollow" title="staking" href="https://thebittimes.com/tag/staking.html">staking</a> as of Sept. 25.</p> 
 <p>“Customers will continue earning <a rel="noopener noreferrer nofollow" title="staking" href="https://thebittimes.com/tag/staking.html">staking</a> rewards up until September 25, 2023, and after that, all staked assets will be unstaked. Rewards, along with the principal, will be credited to users’ main Bitstamp account balances," said Bobby Zagotta, U.S. CEO and global chief commercial officer at Bitstamp, warning that it could take a few days for users’ balances to reflect the changes. </p> 
 <p>According to Bitstamp’s website, it charges a 15% commission on all <a rel="noopener noreferrer nofollow" title="staking" href="https://thebittimes.com/tag/staking.html">staking</a> rewards. The monthly reward rate for <a rel="noopener noreferrer nofollow" title="staking" href="https://thebittimes.com/tag/staking.html">staking</a> ETH on the exchange is 4.50%; by comparison, the monthly reward for <a rel="noopener noreferrer nofollow" title="staking" href="https://thebittimes.com/tag/staking.html">staking</a> Algorand (ALGO) is 1.60%. With the move, the U.S. joins other countries where Bitstamp <a rel="noopener noreferrer nofollow" title="staking" href="https://thebittimes.com/tag/staking.html">staking</a> services aren't available, including Canada, Japan, Singapore and the United Kingdom. </p> 
 <p>The decision appears to be related to recent legal developments in the United States. In early August, Bitstamp&nbsp;announced at least seven altcoins&nbsp;would no longer be offered in the country. They were Axie Infinity (AXS), Chiliz (CHZ), Decentraland (MANA), Polygon (MATIC), Near (NEAR), The Sandbox (SAND) and Solana (SOL). While the company didn’t specify why it suspended trading, all seven tokens were deemed unregistered securities by the U.S. Securities and Exchange Commission (SEC) in June as part of its lawsuits against crypto exchanges Binance and Coinbase. </p> 
 <blockquote class="twitter-tweet"> 
  <p lang="en" dir="ltr">Update for our US users <br><br>Starting August 29: AXS, CHZ, MANA, MATIC, NEAR, SAND, and SOL trading will be halted after evaluating recent market developments.<br><br>Execute any open trades. Holding and withdrawing tokens afterwards will be unaffected.<br><br>More info:…</p>— Bitstamp (@Bitstamp) August 8, 2023 
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 <p>Ether is the native cryptocurrency of the Ethereum blockchain and the second largest by market cap behind Bitcoin (BTC). A central issue surrounding the ongoing regulatory environment in the U.S. relates to whether ETH could be classified as a commodity or a security. The Commodity Futures Trading Commission has repeatedly called Ether a commodity, while SEC Chair Gary Gensler said at a hearing in April that Bitcoin was a commodity but would not specify whether ETH should be deemed a security.</p> 
 <p><em><strong>Magazine:</strong> <strong>Crypto regulation — Does SEC Chair Gary Gensler have the final say?</strong></em></p> 
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Bitstamp halts ETH staking in the United States

TheBitTimes

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