Coinbase News: South Carolina Considers Bitcoin Reserve, Drops Lawsuit Against Coinbase

In a move that signals a growing embrace of digital assets at the state level, South Carolina has introduced legislation to invest in Bitcoin and has also decided to drop a lawsuit against the popular cryptocurrency exchange, Coinbase.

South Carolina Explores Bitcoin Reserve, Drops Lawsuit Against Coinbase

South Carolina has taken a significant step toward integrating digital assets into its state-level financial strategy. On March 27, the state lawmakers introduced the Strategic Digital Assets Reserve Act (H4256), a bill that would allow South Carolina to invest up to 10% of its state-held funds in Bitcoin as a safeguard against inflation and economic instability. Representative Jordan Pace sponsored the bill. Additionally, the state has dropped its lawsuit against Coinbase over alleged securities violations related to its staking services.

What’s Next for Crypto After Ripple, Coinbase Dismissals? Incoming SEC Chair Paul Atkins Speaks

Paul Atkins, nominee to lead the U.S. Securities and Exchange Commission (SEC), addressed the Senate Banking Committee on March 27, calling for a clear and supportive framework for the cryptocurrency market. Atkins noted that ambiguous regulations have created uncertainty and inhibited innovation in the digital asset industry. As SEC chair, he plans to work with commissioners and Congress to provide a firm regulatory foundation.