Vermont follows SEC’s lead, drops staking legal action against Coinbase
Vermont was one of 10 US states that launched legal action against Coinbase in 2023, alleging the exchange was offering unregistered securities to users.
US state Vermont has dropped its “show cause order” against crypto exchange Coinbase for allegedly offering unregistered securities to users through a staking service.
Vermont’s Department of Financial Regulation said in a March 13 order that in light of the US Securities and Exchange Commission tossing out its case on Feb. 28, it would follow suit and rescind its action against Coinbase without prejudice.
“The SEC has announced the formation of a new task force to, among other things, provide guidance for the promulgation of rules regarding the regulation of cryptocurrency products and services,” the department said.
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Author: Stephen Katte
