WiremarketsDextape brief
New Jersey Drops Coinbase Staking Order After Three Years
New Jersey’s securities regulator has rescinded its 2023 cease-and-desist order and $5 million penalty against Coinbase’s staking service. This post New Jersey Drops Coinbase Staking Order After Three Years first appeared on Bitcoin Magazine and is written by Micah Zimmerman .
Dextape brief
New Jersey's Bureau of Securities has rescinded its 2023 order against Coinbase's staking program and the $5 million penalty attached to it, per a notice dated October 30. The withdrawal carries no merits finding and is without prejudice, so the underlying question remains open. Coinbase reported the step in a third-quarter SEC filing, saying the regulator signaled its intent on October 29. CEO Brian Armstrong said New Jersey customers would regain staking access soon, but the exchange's eligibility page still listed the state as of Monday and no reopening date has been announced. New Jersey is the sixth of ten original states to step back, while California, Maryland, Wisconsin and Washington keep cases open.
Why it matters: It shows state regulators can keep staking cases alive after federal enforcement ends, which bears on how exchanges offer staking to customers.
Read the full story
Dextape context
Built from Dextape’s own wire, stories and glossary.
Terms in this story
- Staking
- Locking a proof-of-stake network’s native asset to help secure it in return for rewards, directly or through a service.
Mentioned in this story
Open a coin page for its current price.