New Jersey Withdraws Coinbase Staking Order and $5M Penalty
New Jersey's securities regulator has rescinded its 2023 cease-and-desist order and $5 million penalty against Coinbase's staking service, ending a three-year standoff over staking for new state customers.
What Happened
New Jersey's securities regulator has withdrawn the 2023 cease-and-desist order that barred Coinbase from offering staking to new customers in the state, according to Bitcoin Magazine. The Bureau of Securities notice, dated Oct. 30 and signed by Acting Bureau Chief Keith A. Alt, rescinds the order and the $5 million penalty that came with it. The withdrawal is without prejudice.
Key Details
According to Bitcoin Magazine, the order had been in place for three years and, per the same report, cost residents an estimated $15 million in forgone rewards. The notice was dated Oct. 30, and the article is dated November 3, 2026.
What We Don't Know Yet
The source does not state whether Coinbase will resume staking offerings to New Jersey customers or on what terms, and it does not describe the regulator's reasoning for the reversal. Whether the withdrawal affects other state actions against staking services is not addressed in the material available.
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