{"id":126284,"date":"2025-04-02T03:19:40","date_gmt":"2025-04-02T03:19:40","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=126284"},"modified":"2025-04-02T03:19:40","modified_gmt":"2025-04-02T03:19:40","slug":"kentucky-joins-vermont-and-south-carolina-in-dropping-coinbase-staking-suit","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=126284","title":{"rendered":"Kentucky joins Vermont and South Carolina in dropping Coinbase staking suit"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsKentucky\u2019s finance watchdog has dismissed its lawsuit against Coinbase over the exchange\u2019s staking rewards program, following its peers in Vermont and South Carolina.<br \/>\nKentucky\u2019s Department of Financial Institutions filed the stipulation to dismiss jointly with Coinbase on April 1, ending the state\u2019s legal action against the exchange first filed along with 10 other state regulators in June 2023.<br \/>\nCoinbase chief legal officer Paul Grewal posted to X on April 1, calling for Congress \u201cto end this litigation-driven, state-by-state approach with a federal market structure law.\u201d<br \/>\nSource: Paul GrewalFinancial regulators from 10 states launched similar suits against Coinbase in June 2023, on the same day the Securities and Exchange Commission sued the exchange \u2014 a lawsuit the SEC dropped last month.<br \/>\nSeven suits against Coinbase still active<br \/>\nAlabama, California, Illinois, Maryland, New Jersey, Washington and Wisconsin are the seven states that are still continuing with their lawsuits, which all allege Coinbase breached securities laws with its staking rewards program.<br \/>\nVermont was the first state to end its suit against Coinbase, with its Department of Financial Regulation filing an order to rescind the action on March 13, noting the SEC\u2019s Feb. 27 decision to drop its action against the exchange and the likelihood of changes in the federal regulator\u2019s guidance.<br \/>\nThe South Carolina Attorney General\u2019s securities division followed Vermont days later, dismissing its lawsuit in a joint stipulation with Coinbase on March 27.<br \/>\nRelated: South Carolina dismisses its staking lawsuit against Coinbase, joining Vermont<br \/>\nKentucky\u2019s decision to drop its case against Coinbase follows just days after the state\u2019s governor, Andy Beshear, signed a \u201cBitcoin Rights\u201d bill into law on March 24 that establishes protections for crypto self-custody and exempts crypto mining from money transmitting and securities laws.<br \/>\nThe axed state-level lawsuits come amid a stark policy change at the SEC, which has dropped or delayed multiple lawsuits against crypto companies that it filed under the Biden administration.<br \/>\nThe federal securities watchdog has also created a Crypto Task Force that is engaging with the industry on how it should approach cryptocurrencies.<br \/>\nMagazine: SEC\u2019s U-turn on crypto leaves key questions unanswered<a href=\"https:\/\/cointelegraph.com\/news\/kentucky-axes-coinbase-staking-suit-after-vermont-south-carolina?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsKentucky\u2019s finance watchdog has dismissed its lawsuit against Coinbase over the exchange\u2019s staking rewards program, following its peers in Vermont and South Carolina. Kentucky\u2019s Department of Financial Institutions&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126284"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=126284"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126284\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=126284"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=126284"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=126284"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}