Source: Cointelegraph Original: "{title}"
The financial regulator in Kentucky has withdrawn its lawsuit against Coinbase due to the exchange's staking rewards program, following the lead of Vermont and South Carolina.
The Kentucky Department of Financial Institutions submitted a joint motion to dismiss with Coinbase on April 1, ending the lawsuit that the state had filed in June 2023 alongside ten other state regulators.
Coinbase's Chief Legal Officer Paul Grewal tweeted on April 1, urging Congress to "pass a federal market structure law to end this litigation-driven, state-by-state approach."
Source: Paul Grewal
Financial regulators from ten states filed similar lawsuits against Coinbase in June 2023, coinciding with the day the U.S. Securities and Exchange Commission (SEC) sued the exchange—this lawsuit was withdrawn by the SEC last month.
Seven lawsuits are still ongoing
Alabama, California, Illinois, Maryland, New Jersey, Washington, and Wisconsin are the seven states that continue to sue Coinbase, with all lawsuits alleging that Coinbase violated securities laws through its staking rewards program.
Vermont was the first state to end its lawsuit against Coinbase, with the Vermont Financial Regulation Department submitting an order to dismiss the lawsuit on March 13, noting that the SEC decided to withdraw its lawsuit against the exchange on February 27, and that federal regulatory guidelines may change.
South Carolina's Attorney General's securities division followed Vermont's lead, reaching a joint motion to dismiss with Coinbase a few days later on March 27.
Kentucky's decision to withdraw the lawsuit came just days after the state's Governor Andy Beshear signed the "Bitcoin Bill of Rights" on March 24, which provides protections for self-custody of cryptocurrencies and excludes cryptocurrency mining from remittance and securities laws.
These withdrawn state-level lawsuits occur against the backdrop of significant changes in SEC policy, as the SEC has withdrawn or delayed multiple lawsuits against cryptocurrency companies initiated during the Biden administration.
Additionally, the federal securities regulator has established a cryptocurrency working group that is engaging with the industry to explore how to address cryptocurrency issues.
Related: North Korean tech workers found in UK blockchain projects
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