Illinois to End Lawsuit Against Coinbase Over Staking Program: Report
Illinois will halt its lawsuit against Coinbase regarding the exchange's staking services. This decision follows similar actions by Vermont, South Carolina, and Kentucky, making Illinois the fourth state to withdraw litigation in recent weeks. All ten state lawsuits were initiated in June 2023, based on an SEC lawsuit alleging Coinbase violated securities laws through its staking program. Illinois' withdrawal coincides with the advancement of a Bitcoin strategic reserve bill, which aims to establish a fund for holding Bitcoin as a financial asset for five years. Six states—Alabama, California, Maryland, New Jersey, Washington, and Wisconsin—have not yet withdrawn their lawsuits. Coinbase has advocated for clearer federal regulations to replace the current state-by-state enforcement approach.
