Source: Cointelegraph Original: "{title}"

The state of Vermont has withdrawn the "subpoena" against the cryptocurrency exchange Coinbase, accusing it of offering unregistered securities through its staking services.

The Vermont Department of Financial Regulation stated in an order on March 13 that, in light of the U.S. Securities and Exchange Commission's dismissal of its lawsuit on February 28, the department would take similar action and withdraw the lawsuit against Coinbase without prejudice.

The department stated: "The SEC has announced the formation of a new working group aimed at providing guidance on regulatory rules for cryptocurrency products and services."

The Vermont financial regulator has decided to withdraw its legal action against Coinbase. Source: Vermont Department of Financial Regulation

"In light of the federal lawsuit being dismissed and the potential for new federal regulatory guidance, the Vermont Department of Financial Regulation believes that withdrawing the pending subpoena would be the most effective and judicially fair course of action, and it does so without any prejudice."

On the same day in June 2023 that the SEC filed its lawsuit, the states of Alabama, California, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Vermont, Washington, and Wisconsin announced that they would file legal action against Coinbase.

The order explained that Coinbase violated securities laws by providing staking services to users without obtaining permission and required the exchange to provide reasons why the court should not order a suspension of this service.

Now, with Vermont choosing to withdraw, Coinbase's Chief Legal Officer Paul Grewal stated in a March 13 post on X that other states involved in ongoing staking lawsuits should "follow Vermont's lead."

Source: Paul Grewal

He stated: "As we have always said, staking services are not securities. We commend Vermont for embracing progress and providing clear guidance for citizens with digital assets."

"Our work is not done. Congress must seize the bipartisan momentum we see in the House and Senate to enact comprehensive legislation that considers the unique characteristics of digital assets, such as staking services," he added.

Since former SEC Chairman Gary Gensler resigned on January 20, an increasing number of companies facing SEC lawsuits have had their cases dismissed.

Cryptocurrency trading firm Cumberland DRW is the most recent case to be dismissed, occurring on March 4. Reports indicate that regulators are also concluding their enforcement action against Ripple Labs, which has been ongoing for over four years.

Grewal also filed a request under the Freedom of Information Act to investigate the number of enforcement actions initiated against cryptocurrency companies during Gensler's tenure (from April 17, 2021, to January 20, 2025) and the costs of these actions to taxpayers.

Related: SEC's enforcement lawsuit against Ripple may be coming to an end.

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