Coinbase’s New Jersey staking case dropped? After more than three years unable to stake, can users really come back this time?
At 2:30 a.m. Beijing time on November 3, Coinbase Chief Legal Officer said on X that New Jersey had officially dropped its staking lawsuit against Coinbase and lifted the cease-and-desist order, allowing New Jersey users to resume staking. Half an hour later, CEO Armstrong added that New Jersey users would be able to participate in staking again “soon.”
Three things we can confirm:
1. The lawsuit was dropped, and the cease-and-desist order was lifted. According to her, New Jersey users had been unable to use this service for more than three years.
2. No timeline was given for when service would resume. “Soon” is an adjective, not a date.
3. She named the next states in line: Wisconsin, Maryland, California, and Washington. Note that this is Coinbase’s goal—not a sign that these states have already backed down.
Now, what it didn’t say: As of the time of posting, I couldn’t find the relevant documents on New Jersey’s public government pages, so everything above is “according to Coinbase.” We’ll have to wait for the original documents to see how the state describes it and whether there are any conditions attached.
Why was staking challenged in court? The state regulators’ thinking at the time was: You hand your coins over to a platform, the platform stakes them on your behalf, and you earn a return—doesn’t that look like an investment contract? After more than three years of dispute, New Jersey has now backed off, at least for the time being.
To put it bluntly: dropping the lawsuit doesn’t mean staking is risk-free. Slashing, lockup periods, and fluctuating returns are all still there. The only thing that’s been resolved is whether users can access the service.
Would news like this about regulation make you switch to a platform that offers staking?
#质押 #Coinbase #Regulation
At 2:30 a.m. Beijing time on November 3, Coinbase Chief Legal Officer said on X that New Jersey had officially dropped its staking lawsuit against Coinbase and lifted the cease-and-desist order, allowing New Jersey users to resume staking. Half an hour later, CEO Armstrong added that New Jersey users would be able to participate in staking again “soon.”
Three things we can confirm:
1. The lawsuit was dropped, and the cease-and-desist order was lifted. According to her, New Jersey users had been unable to use this service for more than three years.
2. No timeline was given for when service would resume. “Soon” is an adjective, not a date.
3. She named the next states in line: Wisconsin, Maryland, California, and Washington. Note that this is Coinbase’s goal—not a sign that these states have already backed down.
Now, what it didn’t say: As of the time of posting, I couldn’t find the relevant documents on New Jersey’s public government pages, so everything above is “according to Coinbase.” We’ll have to wait for the original documents to see how the state describes it and whether there are any conditions attached.
Why was staking challenged in court? The state regulators’ thinking at the time was: You hand your coins over to a platform, the platform stakes them on your behalf, and you earn a return—doesn’t that look like an investment contract? After more than three years of dispute, New Jersey has now backed off, at least for the time being.
To put it bluntly: dropping the lawsuit doesn’t mean staking is risk-free. Slashing, lockup periods, and fluctuating returns are all still there. The only thing that’s been resolved is whether users can access the service.
Would news like this about regulation make you switch to a platform that offers staking?
#质押 #Coinbase #Regulation
