Just a few days after South Carolina had withdrawn his postponement procedure against Crypto Exchange Coinbase, Kentucky became the third state in the same number of weeks to fold, after the exit of Vermont last month.
The Kentucky Department of Financial Institutions submitted A joint determination of dismissal on Monday, as a result of which the legal steps relative to the Coinbase deployment services ended effectively, which were previously accused of violating the securities laws of the state.
“The congress must end this by the court case, state-for-state approach with a federal market structure law as quickly as possible,” Coinbase Chief Legal Officer Paul Grewal posted On X after the resignation of the lawsuit.
The case against Coinbase was originally part of a Multistate effort The same day launched the US Securities and Exchange Commission (SEC) The exchange complained in June 2023.
“One by one, in just a few short months, states throughout the country and party lines for consumers and healthy law,” said Paul Grewal, Chief Legal Officer of Coinbase, said Decodeer. “Kentucky’s resignation from his case against Coinbase, quickly in succession after Vermont and South Carolina, is a victory for customers, innovation and economic opportunities.”
State rulers claimed that Coinbase’s deployment program was a supply supply that lacked the necessary registration under national legislation.
Coinbase essentially behaved as an investment vehicle without the public disclosures or investors by pooling and delegating customer tokens in proof-of-stake networks, according to the supervisors.
Vermont left the case On March 14, with reference to the dismissal of the federal court case and the potential for clearer national regulations.
South Carolina followed Days later, with Grewal remark The residents lost an estimated $ 2 million to strike rewards because of the prohibition.
The last dismissal continues to fulfill a trend of enforcement at state level after the decision of the SEC’s own February Remove the case Against Coinbase.
Combined with new federal guidance under SEC -chairman Mark Uyeda, who has taken a more reconciling attitude in the direction of Crypto, these developments point to changing the winds of legal winds in favor of the crypto industry.
“This is not just a victory for us, but for American consumers,” said Grewal last week after South Carolina dropped his lawsuit. “We hope it is a sign of things that have been left in the few states that limit deployment.”
From now on, seven states – California, New Jersey, Illinois, Washington, Alabama, Maryland and Wisconsin – still have enforcement actions against Coinbase.
Pro-Crypto Bill is gaining ground in Kentucky
Kentucky’s decision to dismiss the Coinbase right case, follows the Governor Andy Beshear’s signature by House Bill 701 In the law, a milestone piece legislation aimed at protecting digital activities.
The bill confirms that the self-power of Crypto is legal, and explicitly says that activities such as mining, deployments and blockchain nodes are not subject to securities laws.
HB701 also protects junction operators and releases rewards from rules for state said stations.
Legislers in both the house and the Senate have unanimously approved the bill, which indicates rare two -part consensus on crypto rights.
Published by Sebastian Sinclair
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