Coinbase has launched crypto staking services for New York residents after receiving approval from state regulators, the company announced Wednesday.
In a blog post, the cryptocurrency exchange said users in New York can now stake assets like Ethereum (ETH), Solana (SOL), and others to earn rewards directly through the platform. The move follows a broader effort by Coinbase to expand staking access across the United States.
“This is a big win for New Yorkers and a step toward ensuring every American has equal access to the future of finance,” Coinbase said in a statement. The company also credited Governor Kathy Hochul for helping provide regulatory clarity.
Coinbase noted that regulatory restrictions in states such as California, New Jersey, Maryland, and Wisconsin have prevented residents from earning an estimated $130 million in staking rewards.
Legal Background and Industry Implications
The approval comes after multiple U.S. states dismissed lawsuits filed in 2023 that accused Coinbase of offering unregistered securities through its staking services. Regulators in South Carolina, Alabama, Kentucky, Vermont, and Illinois have since dropped their cases.
While some states are easing restrictions, others remain cautious. Earlier this year, Oregon’s Attorney General filed a lawsuit against Coinbase, citing concerns over unregistered securities. The company has asked the U.S. Department of Justice to intervene in future legal disputes.
Coinbase Eyes National Expansion
In a related move, Coinbase recently applied for a National Trust Company Charter from the U.S. Office of the Comptroller of the Currency. While the company said it has no plans to become a traditional bank, the charter would help bridge the gap between crypto and traditional finance.
Coinbase CEO Brian Armstrong has previously said the company aims to evolve into a crypto ”super app” that could eventually replace many traditional banking services.
Featured image from: cointelegraph.com