In a delightful twist of fate, the quaint state of Vermont has decided to drop its “show cause order” against the illustrious crypto exchange, Coinbase, for the alleged crime of offering unregistered securities through its oh-so-tempting staking service. Oh, the audacity! 😏
On the 13th of March, the Vermont Department of Financial Regulation, in a move that could only be described as a legal pirouette, announced that, following the SEC’s whimsical decision to toss out its case on February 28, it too would rescind its action against Coinbase, and do so without prejudice. How generous! 🎭
“The SEC has announced the formation of a new task force to, among other things, provide guidance for the promulgation of rules regarding the regulation of cryptocurrency products and services,” the department chirped, as if this were a delightful picnic in the park rather than a serious regulatory matter.
“In light of the dismissal of the Federal Action and the likelihood of new federal regulatory guidance, the Division believes it would be most efficient and in the best interests of justice to rescind the pending Show Cause Order, without prejudice.” A legal ballet, indeed!
On the very day the SEC decided to play hardball in June 2023, a cavalcade of states—Alabama, California, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Vermont, Washington, and Wisconsin—joined the fray, launching legal proceedings against Coinbase. A veritable legal jamboree! 🎉
The show cause order, in its grandiosity, asserted that Coinbase was violating securities laws by offering staking to its users without a license, demanding the exchange provide a reason why the courts shouldn’t rain down an order to halt the service. Oh, the drama!
Now that Vermont has gracefully opted out, Coinbase’s chief legal officer, Paul Grewal, in a statement to X, suggested that the other states with staking actions should take a “page from Vermont’s playbook.” A cheeky suggestion, indeed! 📖
“As we have always said: staking services are not securities. We applaud Vermont for embracing progress and providing clarity for its citizens who own digital assets,” he declared, as if Vermont were the shining beacon of regulatory enlightenment. 🌟
“Our work isn’t over. Congress must seize the bipartisan momentum we’re seeing across the House and Senate to pass comprehensive legislation that takes into account the novel features of digital assets, such as staking,” he added, with the fervor of a crusader on a noble quest.
A growing number of firms facing the SEC’s legal wrath have seen their cases dismissed, particularly after the resignation of former SEC Chair Gary Gensler, who had taken a rather hardline stance toward crypto. A new dawn, perhaps? 🌅
Crypto trading firm Cumberland DRW was among the latest to have its case dropped on March 4, while the regulator is reportedly wrapping up its enforcement action against Ripple Labs after a lengthy four-year saga. The plot thickens!
Grewal has also launched a request under the Freedom of Information Act to uncover how many enforcement actions were brought against crypto firms during Gensler’s tenure, and the cost to the taxpayer. A noble pursuit, indeed! 🕵️♂️
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2025-03-14 04:22