Vermont follows SEC’s lead, drops staking legal action against Coinbase
13 Março 2025 - 10:06PM
Cointelegraph


US state Vermont has dropped its “show cause order” against
crypto exchange Coinbase for allegedly offering unregistered
securities to users through a staking service.
Vermont’s Department of Financial Regulation said in a March 13
order that in
light of the US Securities and Exchange Commission
tossing out its
case on Feb. 28, it would follow suit and rescind its action
against Coinbase without prejudice.
“The SEC has announced the formation of a new task force to,
among other things, provide guidance for the promulgation of rules
regarding the regulation of cryptocurrency products and services,”
the department said.
Vermont’s financial regulator has decided to drop its legal
action against Coinbase. Source: Vermont’s
Department of Financial Regulation
“In light of the dismissal of the Federal Action and likelihood
of new federal regulatory guidance, the Division believes it would
be most efficient and in the best interests of justice to rescind
the pending Show Cause Order, without prejudice.”
On the same day the SEC filed its lawsuit in June 2023, the US
states of Alabama, California, Illinois, Kentucky, Maryland, New
Jersey, South Carolina, Vermont, Washington and Wisconsin said they
were launching legal
proceedings against Coinbase.
The show cause order
asserted that Coinbase was violating securities laws by
offering staking to its users without a license and demanded the
exchange provide a reason why the courts shouldn’t hit them with an
order directing them to halt the service.
Now that Vermont has opted out, Coinbase chief legal officer
Paul Grewal said in a March 13 statement to
X that the other states with staking actions should take a “page
from Vermont’s playbook.”
Source: Paul
Grewal
“As we have always said: staking services are not securities. We
applaud Vermont for embracing progress and providing clarity for
its citizens who own digital assets,” he said.
“Our work isn’t over. Congress must seize the bipartisan
momentum we’re seeing across the House and Senate to pass
comprehensive legislation that takes into account the novel
features of digital assets, such as staking,” he added.
Related: YouTuber says SEC will recommend dropping
lawsuit over 2018 token ICO
A growing number of firms facing legal action from the SEC have
had their cases dismissed in the wake of former
SEC Chair Gary
Gensler, who took a hardline stance toward crypto,
resigning on Jan.
20.
Crypto trading firm Cumberland DRW was among the
latest to have
its case dropped on March 4, while the regulator is reportedly
wrapping up its
enforcement action against Ripple Labs after more than four
years.
Grewal has also launched a
request under the Freedom of Information Act to find out how
many enforcement actions were brought against
crypto firms
under Gensler’s tenure between April 17, 2021, and Jan. 20, 2025,
and the cost to the taxpayer.
Magazine: Elon
Musk’s plan to run government on blockchain faces uphill
battle
...
Continue reading Vermont follows SEC’s lead, drops
staking legal action against Coinbase
The post
Vermont follows SEC’s lead, drops staking legal
action against Coinbase appeared first on
CoinTelegraph.
Sei (COIN:SEIUSD)
Gráfico Histórico do Ativo
De Fev 2025 até Mar 2025
Sei (COIN:SEIUSD)
Gráfico Histórico do Ativo
De Mar 2024 até Mar 2025