Coinbase News: Vermont Withdraws Legal Action Awaiting SEC Clarity

In a recent development, Vermont has decided to withdraw its legal action against the popular cryptocurrency exchange, Coinbase. Here’s a closer look at what transpired and what it means for the future of crypto regulations.

Vermont Withdraws Action Against Coinbase, Awaits SEC Clarity

Vermont has officially withdrawn its legal action against Coinbase, which had accused the crypto exchange of offering unregistered securities through its staking program. The decision was made in a court filing on March 13 and aligns with a similar move by the US Securities and Exchange Commission (SEC). Vermont’s Department of Financial Regulation acknowledged that the SEC’s new crypto task force will play a key role in shaping future policies for digital assets. As a result, Vermont chose to step back while awaiting more explicit regulatory guidelines.

Vermont Ends Coinbase Staking Case, Following SEC’s Decision to Withdraw Lawsuit

Vermont has abandoned its legal action against Coinbase, which accused the exchange of offering unregistered securities through its staking service. This decision follows the U.S. Securities and Exchange Commission’s (SEC) move to drop its own case on February 28, 2024. The state’s regulatory authority pointed to the potential introduction of new federal guidelines as a primary reason for its decision. Coinbase has urged other states to recognize that staking isn’t a security, and the SEC’s retreat follows the resignation of Gary Gensler on January 20, signaling a regulatory shift in the crypto space.