Coinbase Says New Jersey Users Can Resume Staking as Regulator Rescinds 2023 Cease-and-Desist Order
By Unchained
AI summary of the source article
New Jersey's securities regulator has rescinded its June 2023 cease-and-desist order against Coinbase regarding its staking program. Coinbase General Counsel Molly Abraham stated the decision allows the company's New Jersey users to resume staking.
Why it matters
Coinbase General Counsel Molly Abraham said the action is "paving the way for our NJ users to resume staking after missing millions of dollars in rewards over the past 3+ years."
Key facts
- New Jersey's Bureau of Securities rescinded its June 6, 2023 cease-and-desist order against Coinbase without prejudice.
- The original order directed Coinbase to pay $5 million in civil penalties and barred it from offering unregistered staking securities.
- The rescission was made without an adjudication on the merits, preserving the regulator's authority to pursue future enforcement.
Source excerpt · Unchained
The state's Bureau of Securities withdrew the order without ruling on its merits, and Coinbase's Molly Abraham named four more states as "next." The post Coinbase Says New Jersey Users Can Resume Staking as Regulator Rescinds 2023 Cease-and-Desist Order appeared first on Unchained .