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Coinbase Temporarily Halts Staking Services in Four US States Amid SEC Legal Proceedings

Coinbase, a US-based cryptocurrency exchange, has temporarily suspended its staking services in California, New Jersey, South Carolina, and Wisconsin in response to legal proceedings from the Securities and Exchange Commission (SEC). The SEC filed a lawsuit against Coinbase in June for offering unregistered securities, and regulatory bodies in 10 US states initiated legal proceedings, suspending certain services. However, users based in Alabama, Illinois, Kentucky, Maryland, Vermont, and Washington will continue to be eligible to stake their crypto as before the regulatory actions were taken. A pre-motion hearing between the SEC and Coinbase, held on July 13, offered insights into the litigation's tone and potential impact on the broader crypto industry.

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