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Major U.S. crypto exchange Coinbase has announced that crypto staking is now live in New York (NY) and still live in 45 other states. This brings the total number of states where crypto staking is supported to 46.
Coinbase CEO Brian Armstrong reacted to the milestone in an X post, noting it as progress in New York. Armstrong reiterates that staking services do not qualify as securities, hoping that past lawsuits in other states will be dropped to allow such development.
"Glad to see progress in NY. Staking services aren’t securities - hope all other states stuck in the past can drop their lawsuits and catch up soon (CA, WI, NJ, MD). Happy staking, New Yorkers," the Coinbase CEO wrote.
In February, the SEC announced it was dropping its lawsuit against Coinbase, a landmark win for the crypto exchange and the entire crypto industry.
The SEC alleged that Coinbase broke its rules and facilitated trading in at least 13 crypto tokens that it said should have been registered as securities. The lawsuit also targeted Coinbase's "staking" program, stating it should have been registered with the agency.
New era arrives
Coinbase's announcement of support for crypto staking in New York follows a similar one this week by digital asset manager Grayscale, which added staking support to its Ethereum and Solana ETPs.
This week, Grayscale announced a major industry first: Grayscale Ethereum Trust ETF (ETHE) and Grayscale Ethereum Mini Trust ETF (ETH) became the first U.S.-listed spot crypto ETPs to enable staking. Grayscale also revealed that Grayscale Solana Trust (GSOL) has activated staking, pending regulatory approval of GSOL’s uplisting as an exchange-traded product, and will become one of the first spot Solana ETPs with staking subsequently.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team