New Jersey dropped its staking lawsuit against Coinbase, and a bunch of accounts immediately posted, "JUST IN: New Jersey users can stake now."
Now? Armstrong’s exact words were “very soon”—he didn’t give a date. As of Monday night, Coinbase’s help page still listed New Jersey among the states where users couldn’t start new stakes. Headlines move faster than products. We’ve seen this plenty of times.
Back to the point. The June 2023 cease-and-desist order and $5 million fine have now been wiped away. The state securities bureau withdrew them itself; a court didn’t rule that Coinbase had won. For more than three years, local users missed out on staking rewards, with no compensation and no one coming forward to say what was wrong in the first place. When the regulatory winds shift, the rules shift with them—and it has little to do with whether staking itself is safe.
Also, four other states are reportedly still fighting. Don’t see one state drop its case and shout, "Staking is now fully legal across the U.S.," and definitely don’t use this as a caption for a bullish BTC candle, like "Bullish 75%." That’s just padding the numbers.
Here’s what really matters: with exchange-based staking, the platform takes a cut of the rewards first. Staking on-chain yourself or using another option isn’t necessarily worse than waiting for a notice from a CEX.
#Coinbase #Staking
Now? Armstrong’s exact words were “very soon”—he didn’t give a date. As of Monday night, Coinbase’s help page still listed New Jersey among the states where users couldn’t start new stakes. Headlines move faster than products. We’ve seen this plenty of times.
Back to the point. The June 2023 cease-and-desist order and $5 million fine have now been wiped away. The state securities bureau withdrew them itself; a court didn’t rule that Coinbase had won. For more than three years, local users missed out on staking rewards, with no compensation and no one coming forward to say what was wrong in the first place. When the regulatory winds shift, the rules shift with them—and it has little to do with whether staking itself is safe.
Also, four other states are reportedly still fighting. Don’t see one state drop its case and shout, "Staking is now fully legal across the U.S.," and definitely don’t use this as a caption for a bullish BTC candle, like "Bullish 75%." That’s just padding the numbers.
Here’s what really matters: with exchange-based staking, the platform takes a cut of the rewards first. Staking on-chain yourself or using another option isn’t necessarily worse than waiting for a notice from a CEX.
#Coinbase #Staking