Source: Cointelegraph
Original: “Alabama Drops Staking Lawsuit Against Coinbase”
The Alabama Securities Commission, the financial regulatory agency of this U.S. state, has withdrawn its lawsuit against the cryptocurrency exchange Coinbase, which accused the company of violating securities laws by offering staking services to customers.
According to legal documents shared by Coinbase's Chief Legal Officer Paul Grewal on April 23, the regulatory agency mentioned that the primary reason for withdrawing the lawsuit was the collaboration between the U.S. Securities and Exchange Commission (SEC) and the cryptocurrency industry to develop clear regulatory guidelines for cryptocurrencies.
The document stated, “The SEC has announced the formation of a new working group aimed at providing guidance for the development of regulatory rules regarding cryptocurrency products and services.”
“Therefore, the Commission believes that policymakers should be given some time to consider the regulatory framework,” the document continued.
The Alabama Securities Commission filed a lawsuit against Coinbase in June 2023, along with state regulators from California, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Vermont, Washington, and Wisconsin.
The withdrawal of the lawsuit reflects a positive shift in the U.S. regarding cryptocurrency regulation, with federal-level reforms gradually permeating state-level regulatory policies.
While states in the U.S. have withdrawn lawsuits against Coinbase, half of the states still maintain their lawsuits.
Among the ten states that filed lawsuits against Coinbase for its staking services, five states have withdrawn their lawsuits.
On March 13, 2023, the Vermont Department of Financial Regulation became the first state regulatory agency to withdraw its lawsuit against Coinbase's staking services.
The South Carolina securities regulator followed suit on March 28, also withdrawing its lawsuit against Coinbase in 2023.
Grewal announced that the Kentucky Department of Financial Institutions followed the lead of Vermont and South Carolina by withdrawing its lawsuit against Coinbase on April 1.
Despite several states withdrawing their lawsuits against the cryptocurrency exchange, Coinbase's Chief Legal Officer stated that there is still more work to be done.
Grewal wrote in a post on the X platform on April 23, “Five states still insist on wasting taxpayer resources on litigation, four of which have already banned staking with Coinbase, depriving consumers of their right to earn rewards on the platforms of their choice.”
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