Coinbase secured a legal victory in New Jersey after state regulators dropped their lawsuit over the platform’s staking services and lifted an order that had prevented eligible customers from participating. The dispute began in 2023, when the New Jersey Bureau of Securities alleged that Coinbase was operating its staking-as-a-service program as an unregistered securities offering. Coinbase can now restore staking access in the state, although restrictions or disputes remain in Wisconsin, Maryland, California, and Washington. Meanwhile, the Coinbase Premium Index stayed negative for 39 consecutive days, while COIN fell 3.98% to $137.83 during the session reviewed. Morgan Stanley downgraded COIN from Equalweight to Underweight and cut its price target from $258 to $120, citing weaker trading activity, a softer revenue outlook, and uncertainty in the crypto market.
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