New Jersey Ends Coinbase Staking Ban After 3 Years: Which States Are Next?

New Jersey’s securities regulator has scrapped its 2023 Coinbase staking order, wiping out a $5 million penalty and a ban that stopped residents from staking new funds on the exchange. However, the October 30 rescission is without prejudice, so the state can still bring a new case. It also lands as Coinbase’s staking-driven revenue fell 54% last quarter, putting New Jersey holders and Coinbase (COIN) shareholders in the story. What New Jersey’s Order Changes for Coinbase Users Staking means locking up coins such as Ethereum (ETH) or Solana (SOL) to help run a blockchain, in return for new tokens. Coinbase does this for customers and keeps a cut. In June 2023, New Jersey’s Bureau of Securities called the service an unregistered security.

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