Coinbase Launches Crypto Staking in New York, Signaling Regulatory Progress
Coinbase has introduced crypto staking in New York, a important step for the company adn its users. This move allows New York residents too earn rewards on assets like Ethereum (ETH) and Solana (SOL).
Paul Grewal, Coinbase’s Chief Legal Officer, announced the news on October 8. He thanked Governor Kathy Hochul for the regulatory clarity that made this possible.”This milestone ensures New York residents have the same economic opportunities as other Americans,” grewal stated.
The approval contrasts with bans in states like California and Oregon. Grewal highlighted that residents in these states have missed out on over $130 million in staking rewards due to ongoing bans.
Regulatory clarity is crucial. Recent SEC guidance confirms that transparent staking-as-a-service is not a securities offering.This aligns with state-level reversals. Vermont, Illinois, Kentucky, Alabama, and South Carolina have dismissed their cases against Coinbase this year.
Coinbase is also expanding in other areas. The company applied for a National Trust Company Charter and integrated its services into the Samsung wallet on 75 million Galaxy devices. These moves are reshaping how institutional investors view Coinbase.
Financial institution rothschild & Co.recently upgraded Coinbase stock to a “Buy,” with a $417 price target. They believe the market misprices Coinbase, focusing only on Bitcoin’s price. In reality, revenue now comes from services like staking, USDC income, and the Base network.
