South Carolina has become the latest US state to eliminate its lawsuit against the Crypto Exchange Coinbase with its staking services, accusing the exchange of crypto offering unregistered security.
The lawsuit is official Removed In a joint stipulation between the crypto exchange and the South Carolina Attorney General’s Securities Division on March 27th.
“South Carolina has just joined Vermont to remove the baseless staking lawsuit against Coinbase,” legged firm official Paul Grewal, Says In a post of March 27 x.
“This is not only a success for us, but for American buyers and we hope it is a sign of things to come to some states that have been left restricting the care.”
South Carolina Attorney General and Coinbase joint stipulation. Source: South Carolina Attorney General
South Carolina and Vermont are two out of 10 US states to take legal action against Coinbase staking services on June 6, 2023 – the same day federal securities regulator lawsuit against crypto exchange.
THE SECURITIES AND EXCHANGE COMMISSION The lawsuit officially deleted In Feb. 27, 2025.
The other eight US states filed an action on implementation similar to South Carolina are Alabama, California, Illinois, Kentucky, Maryland, New Jersey, Washington and Wisconsin.
Grewal said he expects to see other states that follow the suit, and residents of South Carolina have lost approximately $ 2 million in Staking rewards As a result of the lawsuit.
“The 52 million Americans who owned crypto deserve consumer protections and clear policies,” he said. “We applaud South Carolina for standing for justice and hope the remaining states with staking prohibition will be noted.”
South Carolina introduces the Bitcoin Reserve Bill
Meanwhile, meanwhile A state lawmaker just introduced the “Strategic Digital Assets Reserve Act of South Carolina” on March 27, which could see the state manager providing up to 10% of some state funds in cryptocurrencies such as Bitcoin (Btc).
Unlike most US State Crypto Reserve Bills, the House Bill of North Carolina 4256, introduced By Rep. Jordan Pace, mentioned Bitcoin on several occasions for the strategic digital asset reserve that the bill is seeking to promote.
Source: Jordan speed
The bill allows the Treasurer of South Carolina, currently Curtis Loftis, to establish a Bitcoin reserve to exceed No more than 1 million bitcoin – a high ceiling that the US Federal Government is also looking for Strategic bitcoin reserve was recently established.
The Treasurer can add Bitcoin to the general fund of South Carolina, the budget stabilization reserve fund any other investment fund they manage.
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While there is no mention of stablecoins, unimaginable tokens, ether (Eth) or any other crypto tokens were made, House Bill said the strategic digital assets reserve was not limited to Bitcoin.
According to Under Bitcoin law, 42 Bitcoin Reserve Bills were introduced at the state level in 19 states, and 36 of the 42 bills remains live.
Earlier this month, US president Donald Trump Signed an Executive Order To create a strategic Bitcoin reserve and a digital asset stockpile, both of which will initially use the cryptocurrency that has been removed from criminal government cases.
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