The Securities Division of South Carolina’s Attorney General’s Office and crypto exchange Coinbase jointly concluded a legal dispute on Thursday by agreeing to dismiss an enforcement action filed in June 2023. The regulatory proceedings began when the state served a cease and desist order to Coinbase concerning its staking services.

In a jointly filed stipulation, both parties confirmed the case would be dropped, and the original order vacated, with no penalties or legal fees imposed. The document noted that the decision “does not necessarily reflect the Division’s position on the merits of this matter or the Division’s position on any other case.”

Coinbase Chief Legal Officer Paul Grewal addressed the outcome publicly, stating on social media platform X: “The dominoes keep falling. South Carolina just joined Vermont to dismiss its unfounded staking lawsuit against Coinbase.” He continued:

This is not just a victory for us, but for American consumers and we hope it’s a sign of things to come in the few states left that restrict staking.

Grewal further confirmed that Coinbase has resumed its staking service in the state: “We’re now live again with staking in South Carolina – including all entrypoints.”

The Coinbase legal chief also highlighted the economic toll the enforcement had on residents:

South Carolinians lost an estimated $2 million in staking rewards due to this case. 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 further shared. The resolution signals a shifting landscape for crypto-related enforcement. Under the terms of South Carolina’s regulation S.C. Code of Regulations 13-604(X), the matter is now officially closed.

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