The Alabama Securities Commission, a financial regulator for the US state, has fallen into a lawsuit against the Coinbase Crypto exchange, accusing the company of violating security laws by offering staking services to clients.
The regulator noted the ongoing work between the US Securities and Exchange Commission (SEC) and the crypto industry to produce clear crypto regulations as the main cause of the fall of the trial, according to the legal filed April 23 shared By coinbase chief officer Paul Grewal.
Files read:
“The SEC has announced the development of a new task force in, among other things, provides guidance for promoting policies regarding the regulation of cryptocurrency products and services.”
“Because of the aforementioned, the commission believes it will be appropriate to allow the policy time to consider the regulations of construction,” the filing continued.
Alabama Securities Commission filed a lawsuit against Coinbase In June 2023, next to state regulators from California, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Vermont, Washington, and Wisconsin.
The collapse of the commission’s demand reflects the positive regulatory transfer to cryptocurrencies in the United States as a reform of the federal level of matriculate in state -level regulatory policy.
Related: Oregon targets Coinbase after the SEC dropped the federal lawsuit
US states dropped Coinbase’s lawsuit but half still handles
Five of the 10 states filed a trial against the Coinbase for its staking services dropped to their suits.
On March 13, the Vermont Department of Finance became the first of 10 State Regulators to I -Drop the staking lawsuit against Coinbase.
South Carolina’s security guardian will be the next to drop the 2023 litigation against Coinbase, Removal on March 28th.
https://www.youtube.com/watch?v=csmfzihja0i
Grewal announced that the Kentucky’s financial institution department complied with the leadership of Vermont and South Carolina on April 1 Eliminates its coinbase lawsuit.
Despite the Domino’s impact of states that save the trial against the crypto exchange, the head of the legal Coinbase officer said more work needs to be done.
“Five holdouts are still selecting the waste of taxpayer resources in the suits, and four of them prohibited the Coinbase, which removed consumers of the right to profit on their platform selected,” Grewal wrote on an April 23 x Post.
Magazine: SEC U-Turn to Crypto leaves key questions that are not answered
