{"id":49106,"date":"2025-03-14T14:21:06","date_gmt":"2025-03-14T14:21:06","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/another-win-for-coinbase-as-vermont-drops-its-crypto-staking-case-against-exchange\/"},"modified":"2025-03-14T14:21:06","modified_gmt":"2025-03-14T14:21:06","slug":"another-win-for-coinbase-as-vermont-drops-its-crypto-staking-case-against-exchange","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/another-win-for-coinbase-as-vermont-drops-its-crypto-staking-case-against-exchange\/","title":{"rendered":"Another win for Coinbase as Vermont drops its crypto staking case against exchange"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div data-site=\"CoinJournal\">\n<div class=\"-mt-16  mb-8  lg:-mt-20  rounded-md  shadow-md\">\n<div class=\"relative  z-10  post-article-image  rounded  overflow-hidden\" data-site=\"CoinJournal\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/1682426038697-6b09e9d9-2d12-4c2e-b5aa-d52babc26bba-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/1682426038697-6b09e9d9-2d12-4c2e-b5aa-d52babc26bba-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/1682426038697-6b09e9d9-2d12-4c2e-b5aa-d52babc26bba-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/1682426038697-6b09e9d9-2d12-4c2e-b5aa-d52babc26bba-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                            <\/div>\n<\/p><\/div>\n<ul>\n<li aria-level=\"1\">Paul Grewal, Coinbase\u2019s chief legal officer, said their \u201cwork isn\u2019t over\u201d<\/li>\n<li aria-level=\"1\">Vermont issued a Show Cause Order shortly after the SEC filed a lawsuit against Coinbase in 2023<\/li>\n<li aria-level=\"1\">The SEC dropped its lawsuit against Coinbase in February<\/li>\n<\/ul>\n<p>The US state of Vermont has dropped its legal case against Coinbase over its staking services, earning the exchange another significant victory.<\/p>\n<p>In a post on <a href=\"https:\/\/x.com\/iampaulgrewal\/status\/1900307377494385046\" target=\"_blank\" rel=\"noopener\">X<\/a>, Paul Grewal, Coinbase\u2019s chief legal officer, said: \u201cAs we have always said: staking services are not securities. We applaud Vermont for embracing progress and providing clarity for its citizens who own digital assets.\u201d<\/p>\n<p>Grewal added that their \u201cwork isn\u2019t over\u201d and that \u201cother states with staking actions should take a page from Vermont\u2019s playbook.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Today the State of Vermont dismissed its action against <a href=\"https:\/\/twitter.com\/coinbase?ref_src=twsrc%5Etfw\">@Coinbase<\/a> regarding staking services. As we have always said: staking services are not securities. We applaud Vermont for embracing progress and providing clarity for its citizens who own digital assets. 1\/3<\/p>\n<p>\u2014 paulgrewal.eth (@iampaulgrewal) <a href=\"https:\/\/twitter.com\/iampaulgrewal\/status\/1900307377494385046?ref_src=twsrc%5Etfw\">March 13, 2025<\/a><\/p>\n<\/blockquote>\n<p>News of this comes after the US Securities and Exchange Commission (SEC) <a href=\"https:\/\/coinjournal.net\/news\/coinbase-scores-major-win-as-sec-set-to-drop-lawsuit\/\">dropped its lawsuit against Coinbase<\/a> in February. The <a href=\"https:\/\/coinjournal.net\/news\/the-sec-strikes-again-first-binance-now-coinbase\/\">agency sued Coinbase in 2023<\/a>, accusing it of operating as an unregistered securities exchange.<\/p>\n<h2>Show Cause Order<\/h2>\n<p>Vermont was one of 10 states, including Alabama, California, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Vermont, Washington, and Wisconsin, that took legal action against Coinbase in 2023. At the time, they argued that the platform\u2019s staking services met the definition of securities under their laws.<\/p>\n<p>In Vermont\u2019s Department of Financial Regulation <a href=\"https:\/\/assets.ctfassets.net\/sygt3q11s4a9\/3K3qrJOMyoqmI0YJZxzG6H\/7f9cbddebe356bc90901e5c1c76bbf93\/Signed_Coinbase_Order_3-13-25.pdf\" target=\"_blank\" rel=\"noopener\">document<\/a>, it reads:<\/p>\n<p>\u201cIn light of the dismissal of the Federal Action and likelihood of new federal regulatory guidance, the Division believes it would be most efficient and in the best interests of justice to rescind the pending Show Cause Order, without prejudice.\u201d<\/p>\n<p>A show cause order is when a court orders a party to explain why a specific action shouldn\u2019t be enforced. In Coinbase\u2019s case, the show cause order <a href=\"https:\/\/dfr.vermont.gov\/sites\/finreg\/files\/regbul\/dfr-order-23-003-2-coinbase-standstill.pdf\" target=\"_blank\" rel=\"noopener\">argued<\/a> that the platform was offering its users staking services without a license and, as such, violated securities laws.<\/p>\n<p>However, since the new administration has entered the White House, the SEC has switched tracks, taking a more pro-crypto approach. Former SEC chair Gary Gensler has left and <a href=\"https:\/\/coinjournal.net\/search\/Mark+Uyeda\">Mark Uyeda<\/a> is <a href=\"https:\/\/coinjournal.net\/news\/acting-sec-chair-uyeda-announces-new-crypto-task-force\/\">helming the agency as acting chair<\/a>. Trump has already named <a href=\"https:\/\/coinjournal.net\/news\/donald-trump-selects-pro-crypto-paul-atkins-to-be-the-next-us-sec-chair\/\">Paul Atkins as the incoming SEC chair<\/a>.<\/p>\n<p>Other lawsuits the SEC has dropped include those against <a href=\"https:\/\/coinjournal.net\/news\/sec-to-drop-lawsuit-against-kraken-ending-a-wasteful-politically-motivated-campaign\/\">Kraken<\/a>, <a href=\"https:\/\/coinjournal.net\/news\/sec-drops-investigation-into-robinhood-crypto\/\">Robinhood Crypto<\/a>, and <a href=\"https:\/\/coinjournal.net\/news\/sec-drops-case-against-uniswap-marking-a-huge-win-for-defi\/\">Uniswap<\/a>.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/another-win-for-coinbase-as-vermont-drops-its-crypto-staking-case-against-exchange\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Paul Grewal, Coinbase\u2019s chief legal officer, said their \u201cwork isn\u2019t over\u201d Vermont issued a Show Cause Order shortly after the SEC filed a lawsuit against Coinbase in 2023 The SEC dropped its lawsuit against Coinbase in February The US state of [&hellip;]<\/p>\n","protected":false},"author":3947362367,"featured_media":49107,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/49106"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362367"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=49106"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/49106\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/49107"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=49106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=49106"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=49106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}