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The Coin Rise 2025-04-03 19:36:25

Illinois to Drop Staking Lawsuit Against Coinbase

Illinois to Drop Staking Lawsuit Against Coinbase

Illinois is set to drop its staking-related lawsuit against Coinbase in a new development. This move marks another state’s retreat in the ongoing legal battle between U.S. states and the popular cryptocurrency exchange. This move follows a pattern of states reevaluating their stance on staking charges. This came after the U.S. Securities and Exchange Commission (SEC) decided to drop its case against Coinbase earlier this year. The Background of the Lawsuit Against Coinbase In 2023, Illinois and nine other U.S. states filed lawsuits against Coinbase. The states accused the exchange of violating state securities laws by offering staking services. Staking is a common practice in the crypto world. It allows users to earn rewards by locking up their cryptocurrency to support blockchain operations. These states claimed Coinbase’s staking program violated local securities regulations. Simultaneously, the SEC charged Coinbase for similar issues regarding federal securities laws. The regulatory agency claimed the trading platform offered unregistered securities. However, Coinbase denied the accusations and fought back in court. Later, in February 2025, the SEC decided to drop its case against Coinbase. This shift comes as the SEC, under acting chair Mark Uyeda, softened its stance on crypto enforcement. Illinois And Others Follows SEC Lead Illinois is now following the SEC’s lead. A spokesperson for Illinois Secretary of State Alexi Giannoulias confirmed to CoinDesk that the state intends to drop its lawsuit against Coinbase. While the timing remains undisclosed, Illinois is the latest state to reconsider its position on the case. Illinois is not the only state backing down. Kentucky, South Carolina, and Vermont have already dropped their lawsuits against Coinbase . After the SEC’s decision, these states are reassessing their approach to crypto regulations. Coinbase Legal Battle Is Not Yet Over Despite the retreat from several states, not all legal challenges against the exchange have ended. Some states, including Alabama, California, Maryland, New Jersey, Washington, and Wisconsin, are still in court over Coinbase’s staking program. Some of these states have reportedly refused to comment on the status of their cases, which raises uncertainty about whether they will follow Illinois’s and others’ example. Nevertheless, New Jersey and Washington have confirmed that their cases remain active. This means that Coinbase’s legal troubles are not completely over. The post Illinois to Drop Staking Lawsuit Against Coinbase appeared first on TheCoinrise.com .

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