Coinbase Scores Legal Victory as Vermont Rescinds Case
Vermont has dropped its lawsuit against Coinbase regarding its staking services, marking another regulatory win for the U.S.-based exchange.
Coinbase Chief Legal Officer Paul Grewal celebrated the move, stating:
"As we have always said: staking services are not securities."
Regulatory Shift Under Trump’s SEC Leadership
The decision follows the SEC’s dismissal of its own case against Coinbase, signaling a shift in crypto regulation under the new administration.
Vermont cited the formation of the SEC’s Crypto Task Force as a factor, acknowledging that new regulatory guidance is emerging.
The Broader Legal Battle Against Staking
Vermont was among 11 states that issued a "show cause order" against Coinbase in June 2023, arguing that its staking services violated securities laws.
The SEC, led by Gary Gensler at the time, also targeted staking services from companies like Kraken and Binance.
With this latest development, Coinbase may soon see other state regulators follow Vermont’s lead in dropping staking-related cases.
