After South Carolina dropped its case, Coinbase has resumed staking operations there, signifying another significant victory in the ongoing collapse of regulatory hurdles for cryptocurrency innovation.
Coinbase Resumes Staking in Another State as Legal Resistance Cracks
On Thursday, the Securities Division of South Carolina’s Attorney General’s Office and cryptocurrency exchange Coinbase resolved a legal disagreement by deciding to drop an enforcement action initiated in June 2023. The regulatory proceedings originated when the state issued a cease-and-desist order to Coinbase regarding its staking services.
Through a mutual agreement in a filed stipulation, both sides acknowledged the dismissal of the case, and the initial ruling was voided. No fines or legal costs were imposed. The document also stated that this decision does not necessarily imply the stance of the division on the validity of this case or any other similar cases.
As a crypto investor, I’m following the news closely, and it’s exciting to see developments like this. Just recently, the Chief Legal Officer of Coinbase, Paul Grewal, shared on platform X that South Carolina has joined Vermont in dismissing their unfounded lawsuit against Coinbase. He said, “The dominoes keep falling,” suggesting that this is part of a larger trend. It’s reassuring to know that such legal hurdles are being overcome.
This triumph isn’t merely ours; it’s also a win for American consumers. We fervently hope this marks a trend of change in the remaining states where such activities are still restricted.
Grewal also verified that Coinbase has restarted its staking feature in the region, stating, “We’ve gone live once more with staking in South Carolina – available through all access points.
The Coinbase legal chief also highlighted the economic toll the enforcement had on residents:
Approximately $2 million in staking rewards was reportedly forfeited by South Carolinians due to this particular case. It’s essential that the approximately 52 million American cryptocurrency owners receive practical consumer safeguards and transparent guidelines.
He expressed his approval for South Carolina’s stance on justice regarding cryptocurrency matters, and he believes that other states with similar restrictions on staking will follow suit. This action from South Carolina seems to mark a changing environment in how crypto-related enforcement is handled. According to South Carolina’s regulations as outlined in S.C. Code of Regulations 13-604(X), this specific issue has now been officially resolved.
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2025-03-29 05:00