Coinbase is eyeing the relaunch of staking services in South Carolina following moves by state authorities to terminate a lawsuit. Coinbase Chief Legal Officer Paul Grewal describes the dismissal of the staking lawsuit as the falling of dominoes, eyeing more states to toe the same line.
South Carolina Terminates Staking Lawsuit
After nearly two years, South Carolina is changing its stance on Coinbase staking. According to an announcement, South Carolina is ditching its lawsuit against the exchange regarding the provision of staking services to users.
Going forward, Coinbase says it will begin rolling out staking services for South Carolina residents. Coinbase CLO Paul Grewal notes that the exchange is keen on putting a torrid two-year period behind it and relaunching staking services.
According to Grewal, South Carolina residents have lost nearly $2 million in staking rewards following the legal battle. Carolina joins a growing number of states to reverse their stance on Coinbase staking.
“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,” said Grewal.
US authorities have softened their stance on staking with industry giants like CBOE filing for staking in Fidelity’s Ethereum ETF.
Coinbase Enjoys A String Of Regulatory Victories
Coinbase is on a red-hot streak of regulatory victories in recent weeks. At the top of the pile is the SEC’s dismissal of its lawsuit against Coinbase without prejudice, triggering excitement.
Coinbase has filed an FOIA request against the SEC to probe the financials of its regulatory actions against the industry. Meanwhile, the exchange is pursuing similar information discovery against the FDIC with Grewal criticizing the handling of the FOIA request.
The top exchange has set up shop in India after a two-year hiatus, clinching approval from local regulators. Coinbase acquisition of Deribit is considered a major move in the ecosystem claims of self-centric motives over the exchange’s silence in Ripple’s case have soured sentiments.
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