Kentucky drops crypto staking lawsuit against Coinbase

Kentucky has dropped trial against Coinbase on the wake services, becoming the third American state to confirm legal action against the scholarship in recent months.

On March 31, the Kentucky Financial Institutions Department laid A joint dismissal stipulation, officially ending his case which has accused Coinbase of offering not registered titles through its ignition program.

After this decision, the chief legal director of Coinbase, Paul Grewal, took over the management of X, calling for federal clarity.

“The congress must end this approach focused on disputes and state by state with a law of structure of the federal market as soon as possible”, it wrote.

The release of Kentucky follows similar layoffs by Vermont and South Carolina. Vermont fell on March 14, invoking the rejection of the Federal Securities and Exchange Commission of the United States and the need for lighter national rules.

The dry itself set the tone earlier this year when it is voluntarily abandoned His trial against Coinbase on February 27. The agency said this decision would help support its wider efforts Rethink and reshape How he discusses the regulation of cryptography.

South Carolina followed the Vermont and rejected his file A few days later, with Grewal noting at a time when local users lost around $ 2 million in awards due to the ban.

A few hours after the continuation of the prosecution, the exchange confirmed that the milestone was live in South Carolina on all access points.

A group of ten states originally targeted Coinbase in June 2023 after the SEC continued the scholarship. At the time, regulators argued that the Coinbase implementation program was essentially an offer of unregistered titles, because users won rewards by delegating their tokens via the platform.

Currently, seven states, namely California, New Jersey, Illinois, Washington, Alabama, Maryland and Wisconsin, still have suspended actions against Coinbase.

Kentucky abandoned the Coinbase trial less than a week after Governor Andy Beshear Signed the “Bitcoin Rights” bill of the State place. It secures the right to self -sufficiency, allows residents to manage blockchain nodes and protect mining operations from discriminatory regulations.

Legislators also weigh proposal This would allow the State to allocate up to 10% of its excess reserves in Bitcoin.