In a move that would make a lawyer’s cat yawn, Kentucky’s financial wizard decided to drop the mic, or rather, the lawsuit, against Coinbase. Vermont and South Carolina already had their dance with the legal mambo and decided to sit this one out.
On April Fool’s Day, no less, Kentucky’s Department of Financial Institutions and Coinbase filed their “Let’s Be Friends” paperwork, effectively ending the state’s legal tango with the exchange. This, after a group of 10 state regulators decided to have a go at Coinbase back in June 2023. How original.
Coinbase’s top law dog, Paul Grewal, took to X (because where else?) to plea for Congress to step in and end this legal game of Whac-A-Mole. Federal law, he says, is the way to go. 🙌
Meanwhile, in a parallel universe where lawsuits are currency, 10 states decided to launch their own legal rockets at Coinbase. The SEC even joined the party, only to leave before it got interesting last month.
Seven States Still Throwing Legal Tantrums
Alabama, California, Illinois, Maryland, New Jersey, Washington, and Wisconsin are like that one friend who doesn’t know when the party’s over. They’re still suing Coinbase, claiming the exchange’s staking rewards program is like that one guy who shows up to a black-tie event in flip-flops.
Vermont was the first to say, “You know what? Never mind,” and called off its lawsuit. South Carolina followed suit, because if Vermont says it’s cool, then it must be cool, right?
Kentucky, not wanting to be the last one at the party, dropped its case against Coinbase just days after Governor Andy Beshear signed a “Bitcoin Rights” bill into law. Crypto fans in Kentucky can now self-custody their digital gold without fear of legal spanking. 🎉
As the SEC takes a chill pill and rethinks its crypto strategy, the legal landscape is starting to look like a high school dance: a few couples still swaying, but most people are just waiting for the final song.
Enter the SEC’s Crypto Task Force, stage left, ready to engage with the industry and figure out how to approach cryptocurrencies without stepping on too many toes.
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2025-04-02 05:45