Kentucky joins Vermont and South Carolina in the collapse of Coinbase Staking suit
Kentucky’s finance guard has removed its lawsuit against the Coinbase in the Exchange’s Staking Rewards program, following its peers in Vermont and South Carolina.
Department of Kentucky financial institutions Filed The Stipulation to delete together at Coinbase on April 1, ending the state’s legal action against the exchange first filed with 10 other state regulators in June 2023.
Coinbase Chief Legal Officer Paul Grewal Na -Post In X on April 1, which called on Congress to “finish this trial, state-state-state-state strategy with the law structure of the federal market.”
Source: Paul Grewal
Financial Regulators from 10 States Launched similar suits Against the Coinbase in June 2023, the same day the Securities and Exchange Commission filed the exchange – a lawsuit that the SEC dropped last month.
Seven suits against coinbase are still active
Alabama, California, Illinois, Maryland, New Jersey, Washington and Wisconsin are the seven states that are still in their suits, with all the alleged coinbase violating security laws including the staking reward program.
Vermont was the first state to graduate in its suit against Coinbase, with the financial financial department Filing an order To restore the action on March 13, noting the SEC’s decision on February 27th to overthrow its action against the exchange and the possibility of changes In the guidance of the Federal Regulator.
South Carolina Attorney General’s Securities Division followed Vermont days later, Removal of its lawsuit In a joint stipulation with Coinbase on March 27th.
Related: South Carolina is removing the staking lawsuit against Coinbase, to join Vermont
Kentucky’s decision to overthrow his case against Coinbase follows just days after state governor Andy Beshear, signed a “Bitcoin Rights” Bill In law on March 24 It establishes protections for crypto self-custody and crypto mining exempts from shipping laws and security laws.
The Axed State-Level Lawsuits came amid a SEC policy change, which collapsed or delayed many suits against crypto companies filed under the Biden administration.
The Federal Securities Watchdog also created a crypto task force that interacts with the industry how it should approach cryptocurrencies.
Magazine: SEC U-Turn to Crypto leaves key questions that are not answered
