Coinbase Global Inc. and Coinbase Inc. have secured a significant legal victory as the Vermont Department of Financial Regulation officially rescinded its Show Cause Order against the cryptocurrency company. The decision, issued on March 13, follows a motion from the department’s Securities Division, which cited the recent dismissal of a similar federal case. The order, originally issued on June 6, 2023, had questioned whether Coinbase’s staking services violated Vermont’s securities laws.

The U.S. Securities and Exchange Commission (SEC) had pursued legal action against Coinbase in the U.S. District Court for the Southern District of New York over similar allegations, but that case was dismissed with prejudice on Feb. 28, 2025. In response to Vermont’s decision, Coinbase’s Chief Legal Officer Paul Grewal commented on social media platform X:

Today, the state of Vermont dismissed its action against Coinbase regarding staking services. As we have always said: staking services are not securities. We applaud Vermont for embracing progress and providing clarity for its citizens who own digital assets.

He further emphasized the need for federal action: “Our work isn’t over. Congress must seize the bipartisan momentum we’re seeing across the House and Senate to pass comprehensive legislation that takes into account the novel features of digital assets, such as staking. And the other states with staking actions should take a page from Vermont’s playbook.”

The Vermont Department of Financial Regulation justified its decision by citing the SEC’s evolving approach to digital asset regulation, including the formation of a new task force. Coinbase agreed to the rescission, with both parties bearing their own costs. The order was rescinded without prejudice, leaving the possibility of future regulatory action open, but the move signals a shifting landscape for state-level crypto oversight.

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