New Jersey Clears Coinbase Staking Hurdle, Questions Remain

TLDR New Jersey has withdrawn its 2023 Coinbase staking order and the associated $5 million penalty. The state regulator rescinded the order on October 30 without deciding whether Coinbase violated securities law. Coinbase estimates New Jersey residents missed more than $15 million in staking rewards during the restrictions. Coinbase CEO Brian Armstrong said staking access would return soon, although the exchange has not announced a reopening date. Existing Coinbase customers in New Jersey could continue earning staking rewards but could not add new funds.