Oh, dear reader, gather ’round! According to the all-knowing Chief Legal Wizard, Paul Grewal, the state squabble saga rages on with a mouthful of names: California, New Jersey, Maryland, Washington, and Wisconsin are still tossing legal pies as of April 25.
Four of these grumpy states—California, New Jersey, Maryland, and Wisconsin—have firmly wagged their fingers and shouted “No more staking for you!” by slapping Coinbase with cease-and-desist orders for new users. Washington just prefers to sulk quietly in the corner, suing away but letting staking happen like a spiteful ghost at a tea party.
$90 Million in Tasty Rewards… Now On Ice 🥶
Coinbase bigwigs cry, “But our users’ rewards—oh, those sweet, sweet coins—exceed $90 million since 2023!” Sadly, these legal hurdles resemble a giant grumpy troll blocking the bridge to those shiny goodies. Meanwhile, Coinbase insists their staking isn’t some dusty old security box—it’s just a shiny, fun service!
Earlier this year, the dreaded SEC (the rule-keeping creature) gave up the ghost on its staking crusade against Coinbase, dropping the case with prejudice (which means “Nope, not happening again!”). This made some states like Illinois, Kentucky, South Carolina, Vermont, and Alabama fold their tents and vanish into the woods.
The Crypto Crystal Ball is Cloudy ☁️🔮
Despite their battle scars and a few wins, Coinbase’s rumble with the law shows that the world of crypto staking in America is still a foggy, mysterious jungle. Coinbase keeps yelling for clearer rules, dreaming of a day when staking is just seen as a clever trick, not a sneaky, unregistered secret.
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2025-04-26 21:54