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New Jersey Revokes Cease-and-Desist Order and $5 Million Fine Against Coinbase's Staking Services
New Jersey securities regulators have revoked their 2023 cease and desist order against Coinbase's staking services and canceled a $5 million fine. The ban, which had been in effect for three years, prohibited Coinbase from offering staking services to new customers in the state, resulting in residents losing approximately $15 million in staking rewards. Coinbase CEO Brian Armstrong stated that New Jersey users would "soon" regain access to staking services. New Jersey is the sixth of the ten states that initially took action against Coinbase's staking services to withdraw its ban.
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