South Carolina has dropped its staking lawsuit against Coinbase, the leading cryptocurrency exchange in the U.S.
This comes after Vermont made a similar move earlier this month.
Paul Grewal, chief legal officer at Coinbase, claims that South Carolinians have missed out on an estimated $2 million in staking rewards due to the lawsuit.
“The 52 million Americans who own crypto deserve commonsense consumer protections and clear rules. We applaud South Carolina for standing up for justice and hope the remaining states with bans on staking will take notice,” he said on social media.
Grewal has clarified that staking is now live again in the southeastern state.
As reported by U.Today, the U.S. Securities and Exchange Commission (SEC) dropped its case against Coinbase last month.
Earlier today, the SEC also formally dismissed its cases against Kraken, Consensys, and Cumberland.
