Coinbase has launched crypto staking services for New York residents, marking a key regulatory milestone and expanding access to digital asset rewards.
Chief Legal Officer Paul Grewal announced on Oct. 8 that the exchange secured approval to enable staking for Ethereum, Solana, and other assets. He credited Governor Kathy Hochul’s administration for “embracing progress and providing clarity,” calling it a major step toward equal access for New Yorkers.
Grewal contrasted New York’s move with restrictive states like California and Oregon, noting Coinbase estimates that residents in several holdout states have missed out on over $130 million in staking rewards. He argued such bans cause “real financial harm” by excluding users from a core part of the crypto economy.
The decision follows updated SEC guidance confirming that transparent staking programs do not qualify as securities offerings. Several states, including Vermont and Illinois, have also dropped cases against Coinbase, signaling growing regulatory alignment.
Coinbase’s expansion continues with a National Trust Company Charter application and a Samsung Wallet integration on 75 million U.S. devices. Reflecting investor confidence, Rothschild & Co. upgraded Coinbase to “Buy” with a $417 target, citing growth in staking and USDC revenue.
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