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Highlights
- Kentucky has shuttered its staking lawsuit against Coinbase.
- The Bluegrass state joins South Carolina and Vermont to make U-turns on their anti-staking stances.
- Coinbase CLO is pushing for a federal market structure law to regulate staking.
Coinbase is etching fresh regulatory wins as more states change their positions on staking. The latest win is Kentucky opting to drop its Coinbase staking lawsuit, a move that sees it join Vermont and South Carolina.
Kentucky Dismisses Coinbase Staking Lawsuit
According to an announcement on X, Kentucky has officially dismissed its staking lawsuit against Coinbase. The joint filing sees the Kentucky Department of Financial Institutions bring the curtain down on its drawn-out case against Coinbase.
Akin to its previous streaks, the recent dismissal was without prejudice, signaling the potential reintroduction of staking services for Coinbase users in the state. Vermont and South Carolina have dismissed their staking lawsuits against Coinbase with Kentucky joining the growing list.
Kentucky’s case dismissal follows the signing of the Bitcoin Rights with both sides of the political divide stating that staking and mining are exempt from securities rules. Barely a week after the signing of the landmark legislation, Kentucky authorities formally ended the Coinbase staking case.
Governor Andy Beshear’s Department of Financial Institutions has followed suit by dismissing Kentucky’s staking lawsuit against Coinbase, just as Vermont and South Carolina recently did,” said Coinbase Chief Legal Officer Paul Grewal on X.
Grewal Calls For A New Approach Toward Staking Regulation
On the backs of recent regulatory wins, Coinbase CLO is urging the US Congress to wade into staking regulation. Grewal criticized the present regulatory landscape marked by each state having regulatory authority to determine their staking rules.
“Congress needs to end this litigation-driven, state-by-state approach with a federal market structure law ASAP,” said Grewal.
While Grewal did not share insights into his proposal, the federal approach will standardize offerings while protecting consumers. Going forward, Grewal expressed optimism for more states to lift the ban on the top exchange staking services in the short-term.
Continuing A Winning Streak Against Regulators
Coinbase is racking up regulatory wins since its SEC case dismissal without prejudice. Seizing the initiative, the exchange has filed a FOIA request against the securities regulator. Similarly, Grewal has criticized the FDIC over its handling of an FOIA request, cementing its hawkish stance against regulators.
Outside the US, Coinbase has re-entered India after exiting the country back in 2023. A planned purchase of Deribit is considered a massive win for the US-based exchange as it moves away from its legal travails.
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