The other eight US states that filed enforcement action similar to South Carolina were Alabama, California, Illinois, Kentucky, Maryland, New Jersey, Washington and Wisconsin. Grewal said he hoped to see other states follow suit, and that South Carolina residents lost an estimated $2 million in staking rewards as a result of the lawsuit.“The 52 million Americans who own crypto deserve commonsense consumer protections and clear rules,” he said.“We applaud South Carolina for standing up for justice and hope the remaining states with bans on staking will take notice.”South Carolina introduces Bitcoin reserve billMeanwhile, a state lawmaker has just introduced the “Strategic Digital Assets Reserve Act of South Carolina” on March 27, which could see the state treasurer allocate up to 10% of certain state funds to cryptocurrencies such as Bitcoin (BTC).
The lawsuit was officially dismissed in a joint stipulation between the crypto exchange and the South Carolina Attorney General’s securities division on March 27.“South Carolina just joined Vermont to dismiss its unfounded staking lawsuit against Coinbase,” the firm’s chief legal officer, Paul Grewal, said in a March 27 X post.“This is not just a victory for us, but for American consumers and we hope it's a sign of things to come in the few states left that restrict staking.”South Carolina Attorney General and Coinbase’s joint stipulation.
Source: South Carolina Attorney GeneralSouth Carolina and Vermont were two of 10 US states that took legal action against Coinbase's staking services on June 6, 2023 — the same day that the federal securities regulator filed its lawsuit against the crypto exchange.
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Author / Journalist: Cointelegraph by Brayden Lindrea
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