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Another Win for Coinbase as Vermont Drops Its Crypto Staking Case Against Exchange
In a surprising turn of events, the State of Vermont has decided to drop its lawsuit against Coinbase, one of the largest cryptocurrency exchanges in the world. The case centered around the exchange’s offering of crypto staking services without a license.
The decision comes just months after the US Securities and Exchange Commission (SEC) dropped similar cases against other prominent cryptocurrency platforms, including Kraken, Robinhood Crypto, and Uniswap.
Coinbase has been offering staking services to its users since 2020, allowing them to earn passive income by participating in the validation process of various blockchain networks. The company’s crypto staking services have gained immense popularity among its user base.
Vermont initially brought charges against Coinbase in September last year, claiming that the exchange had violated securities laws by providing these services without a license. However, with the new administration at the helm, the SEC has taken a more pro-crypto approach.
The move comes as no surprise to market observers, given the changing landscape and regulatory environment surrounding cryptocurrencies.
“Given the recent changes in leadership at the SEC, we believe it would be most efficient and in the best interests of justice to rescind the pending Show Cause Order without prejudice,” said the Division of Enforcement.
The decision is a significant win for Coinbase as it avoids the risk of facing potential penalties or fines.
