TechFlow, April 27 — According to Coinbase's official blog, the U.S. Securities and Exchange Commission (SEC) and the states of Illinois, Kentucky, South Carolina, Vermont, and Alabama have dropped their lawsuits against Coinbase’s staking service. However, California, New Jersey, Maryland, Washington, and Wisconsin continue with their legal actions.
Restraining orders from four states have caused residents to lose over $90 million in staking rewards since June 2023. Coinbase stated that these states’ actions not only limit consumer choice but also increase regulatory uncertainty and could push users toward less regulated staking platforms.
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