Source: Cointelegraph Original: "{title}"
South Carolina has become the latest U.S. state to withdraw a lawsuit against the cryptocurrency exchange Coinbase regarding its staking services, which accused the exchange of offering unregistered securities.
The lawsuit was officially dismissed on March 27 through a joint agreement between the cryptocurrency exchange and the South Carolina Attorney General's Securities Division.
Coinbase's Chief Legal Officer Paul Grewal stated in a post on X on March 27: "South Carolina has just joined Vermont in dismissing the baseless staking lawsuit against Coinbase."
"This is not only a victory for us but also a victory for American consumers, and we hope this sends a positive signal to the remaining few states that restrict staking."
Joint agreement between the South Carolina Attorney General and Coinbase. Source: South Carolina Attorney General
South Carolina and Vermont were among the 10 U.S. states that took legal action against Coinbase's staking services on June 6, 2023—the same day that federal securities regulators filed a lawsuit against the cryptocurrency exchange.
The Securities and Exchange Commission (SEC) officially dismissed the lawsuit on February 27, 2025.
The other eight U.S. states that took similar enforcement actions against Coinbase include Alabama, California, Illinois, Kentucky, Maryland, New Jersey, Washington, and Wisconsin.
Grewal expressed hope that other states would follow suit, noting that residents of South Carolina lost approximately $2 million in staking rewards due to the lawsuit.
"Fifty-two million Americans who own cryptocurrency should enjoy common-sense consumer protections and clear rules," he said. "We commend South Carolina for standing up for justice and hope the remaining states with staking bans take note of this."
South Carolina Introduces Bitcoin Reserve Bill
Meanwhile, a state legislator just introduced the "South Carolina Strategic Digital Asset Reserve Act" on March 27, which could allow the state treasurer to allocate up to 10% of certain state funds to cryptocurrencies like Bitcoin (BTC).
Unlike most U.S. states' cryptocurrency reserve bills, House Bill 4256 from North Carolina, introduced by Representative Jordan Pace, mentions Bitcoin several times as part of the strategic digital asset reserve the bill aims to establish.
Source: Jordan Pace
The bill allows South Carolina Treasurer Curtis Loftis to establish a Bitcoin reserve of no more than 1 million Bitcoins—this cap is also close to the target set by the U.S. federal government for its recently established strategic Bitcoin reserve.
The treasurer will be able to add Bitcoin to South Carolina's general fund, budget stabilization reserve fund, and other investment funds managed by him.
Although the bill does not mention stablecoins, NFTs, Ethereum (ETH), or any other cryptocurrency tokens, the House bill states that the strategic digital asset reserve is not limited to Bitcoin.
According to data from the Bitcoin Law, 42 Bitcoin reserve bills have been introduced at the state level in 19 states, with 36 of those bills still in active operation.
Earlier this month, U.S. President Trump signed an executive order to create strategic Bitcoin reserves and digital asset reserves, which will initially use cryptocurrencies seized in government criminal cases.
Related: U.S.-Canada tariff reversal leaves Bitcoin miners on edge
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