New Jersey drops staking lawsuit and cease-and-desist against Coinbase

New Jersey has formally dropped its staking lawsuit against Coinbase and lifted the cease-and-desist order the state's Bureau of Securities first issued in June 2023 over Coinbase's staking program. Coinbase amplified the news via its X account from @mollyisonchain, saying the move paves the way for New Jersey users to resume staking after missing millions of dollars in rewards over the past three-plus years.

• The original order alleged Coinbase's staking offerings were unregistered securities under New Jersey law and included penalties
• The withdrawal reduces the remaining state enforcement actions against Coinbase's staking after earlier dismissals elsewhere