Alabama drops staking lawsuit against Coinbase
The Alabama Securities Commission has dropped its lawsuit against Coinbase, which accused the exchange of violating securities laws by offering staking services. The decision was influenced by ongoing efforts between the US Securities and Exchange Commission (SEC) and the crypto industry to establish clearer regulations. The lawsuit was initially filed in June 2023 alongside other states, including California and New Jersey. This move indicates a positive regulatory shift toward cryptocurrencies in the US. Five of the ten states involved in the litigation have withdrawn their lawsuits, with Vermont and South Carolina being among the first to do so. Despite this progress, Coinbase's chief legal officer noted that five states continue to pursue litigation, limiting consumer options for staking services.
