New Jersey’s securities regulator withdrew its 2023 order against Coinbase’s staking service and a $5 million penalty without ruling on the merits. The decision allows the platform to restore staking access to customers in the state after more than three years of a ban on new deposits. California, Maryland, Wisconsin and Washington are still pursuing enforcement actions against Coinbase, including a proposed $4 million fine in Washington. Coinbase estimates that its California users have missed more than $89 million in staking rewards since 2023, compared with more than $15 million in New Jersey. The change came before the November 3 U.S. midterm elections as the industry seeks bipartisan support for a federal regulatory framework.
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