Coinbase enables staking for NY residents after regulatory approval

Coinbase has officially launched crypto staking services for residents of New York after obtaining regulatory approval. In a recent announcement, the exchange highlighted that users can now earn rewards from staking assets such as Ether (ETH) and Solana (SOL). This move is seen as a significant step forward for financial inclusivity, with Coinbase commending New York Governor Kathy Hochul for facilitating this development. They noted that this initiative not only benefits New Yorkers but also points to broader efforts to enhance access to financial services for all Americans. However, Coinbase expressed concern over the impacts of state-wide bans that have prevented residents in places like California and New Jersey from accessing similar staking rewards, estimated to exceed $130 million. The approval follows a challenging period where multiple states took legal action against Coinbase regarding its staking services under securities law violations, with some cases being dropped this year. As the situation evolves, Coinbase plans to continue its expansion of staking services across the United States, emphasizing their commitment to providing users with opportunities in the crypto space.

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