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New Jersey Ends Coinbase Staking Ban After 3 Years: Which States Are Next?
New Jersey rescinded its Coinbase staking ban and $5M penalty. Four states still block new Coinbase staking for users.
Dextape brief
New Jersey's securities regulator has withdrawn its 2023 order against Coinbase's staking service, which carried a $5 million penalty and blocked residents from staking new funds. The October 30 action leaves the state free to file a fresh case later. Coinbase's chief legal officer, Molly Abraham, said New Jersey customers were left without millions in earnings across those three years. Coinbase's staking-driven blockchain rewards fell to $85.7 million in the third quarter from $184.6 million a year earlier, according to its filing, with $111.8 million of the drop tied to weaker Solana and Ethereum prices. Federal regulators have eased pressure, but California, Maryland, and Wisconsin still bar new staking, and Washington's matter stays open.
Why it matters: It shows how state enforcement over exchange staking can change course while leaving regulators room to act again later.
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