Coinbase Wins New Jersey Staking Fight, but Four States Still Stand in the Way

TLDR New Jersey dropped its 2023 lawsuit against Coinbase over its staking program. The state also lifted a cease-and-desist order, so residents can earn staking rewards again. Wisconsin, Maryland, California, and Washington still have staking restrictions or disputes with Coinbase. Morgan Stanley downgraded Coinbase to Underweight and cut its price target from $258 to $120. The Coinbase Premium Index has stayed negative for 39 days in a row. Coinbase customers in New Jersey can earn staking rewards again after state regulators dropped a lawsuit that had blocked the service since 2023.