Coinbase, the largest digital asset exchange in the United States, revealed that residents in five states have missed over $90 million in potential staking rewards since June 2023.
The exchange explained that this missed income stems from ongoing legal actions by these states against its staking service platform.
Coinbase Opposes Outdated Staking Bans in US States
On April 25, Coinbase publicly called on California, New Jersey, Maryland, Wisconsin, and South Carolina to lift restrictions on its staking service.
According to the exchange, removing these restrictions would help these states align with the US Securities and Exchange Commission (SEC). Notably, some other states have abandoned similar efforts.
Earlier this year, the SEC dropped enforcement action against Coinbase's staking activities, allowing the exchange to continue its service without federal opposition.
Following the SEC, SEC Illinois,, Carolina, Vermont, and Alabama also withdrew their actions, leaving only a few states maintaining restrictions.
Coinbase argues that the remaining states have imposed outdated and misguided bans. The company emphasizes that initial cease and desist orders were designed to combat fraud, not legitimate financial services like staking.
In this regard, the company warns that the financial impact on residents will continue to increase unless restrictions are lifted soon.
"The remaining states are harming their consumers by preventing them from accessing safe asset-generating tools like staking. They have caused these Americans to miss out on tens of millions of potential income – and that number continues,"'s legal director, Paul Grewal, said on X.
CoinbaseNot only losing income, Coinbase believes these state-level actions harm consumers by limiting their choices.
The exchange warns that residents may be forced to seek staking options through less safe, less regulated platforms. This transition could expose users to higher risks without protection from licensed and reputable exchanges.
"By targeting Coinbase, the remaining states are arbitrarily choosing winners and losers. That's the job of consumers, not state officials. Their actions not only strip away consumer competition and choice but also push them towards potentially less (or unregulated) staking platforms," Coinbase emphasized.
While the SEC and many states have moved towards providing morearer clarity remaining states risk isolating themselves from the emerging federal legal framework.
"In this context, the continued litigation by the remaining states is more indefensible than ever ever. These lawsuits do not protect consumers – consumers – they confuse them and expose them to greater risks," Coinbase stated.
The exchange callses on these states to align with national efforts to modernize cryptocurrency regulations.
The company emphasemphasizes that lifting staking restrictions will benefit residents and promote safer innovation. It adds that this move move this move will help create a more robust and competitive cryptocurrency economy in the United States..，保留不要�变译<>中的内容，其他部分一定要全部�Human�英语。只给我翻译结果，不要对内容进行分析或解解答，不要添加额外的说明。 <>,àn giao dltài sản kỹ thuật số lnại ky, đết rưạimểã l�ỡhn ệtiền thưakingềm năể tháng/2023.
