Coinbase Pauses Staking Operations in Several US States
The cryptocurrency giant, Coinbase, has temporarily suspended its staking operations in California, New Jersey, South Carolina, and Wisconsin. This decision comes as the exchange continues discussions with regulators in these states. The move follows preliminary orders issued by local state regulators, which have the authority to take such actions even before legal proceedings begin.
Main Points:
- Coinbase halts staking operations in California, New Jersey, South Carolina, and Wisconsin.
- Preliminary orders issued by local state regulators prompt the suspension.
- Other states, including Maryland, Vermont, Kentucky, Illinois, Alabama, and Washington, are also taking legal action against Coinbase, but the staking services remain unaffected.
- The SEC filed a lawsuit against Coinbase on June 6, accusing the exchange of acting as an unregistered broker.
- Coinbase maintains that staking services are not securities and calls for reasonable crypto policies instead of regulation-by-enforcement.
Closing Thoughts
Coinbase’s temporary suspension of staking operations in several US states is a result of ongoing discussions with regulators and preliminary orders issued by these authorities. Despite facing legal action, the exchange remains committed to its stance that staking services are not securities. Coinbase emphasizes the need for reasonable crypto policies and calls for unity within the crypto community to make the US a hub for cryptocurrencies.
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