Coinbase enables staking for NY residents after regulatory approval

Cryptocurrency exchange Coinbase said New York residents are now able to stake their assets following approval from state regulators.

In a Wednesday blog post, Coinbase said its users could begin earning rewards from staking in Ether (ETH), Solana (SOL), and other assets. The company credited New York Governor Kathy Hochul for “embracing progress and providing clarity” leading to the approval, with plans to continue expanding staking services across the US.

“This is a big win for New Yorkers, and a step toward ensuring every American has equal access to the future of finance,” said Coinbase. “But our work is not done. We estimate that residents in California, New Jersey, Maryland, and Wisconsin have collectively missed out on more than $130 million in staking rewards due to state-wide bans.”

The move into New York followed several US state regulators dismissing lawsuits against Coinbase over allegations the exchange’s staking services violated securities laws. About 10 states filed similar lawsuits in 2023, but authorities in South Carolina, Alabama, Kentucky, Vermont and Illinois dropped the cases this year.

This is a developing story, and further information will be added as it becomes available.