Alabama drops staking lawsuit against Coinbase

Half of the US states that filed litigation against Coinbase in 2023 have dismissed their lawsuits against the cryptocurrency exchange.

The Alabama Securities Commission, a financial regulator for the US state, dropped its lawsuit against crypto exchange Coinbase, which accused the company of violating securities laws by offering staking services to clients.

The regulator cited the ongoing work between the US Securities and Exchange Commission (SEC) and the crypto industry to develop clear crypto regulations as the primary reason for dropping the litigation, according to the April 23 legal filing shared by Coinbase’s chief legal officer, Paul Grewal.

The filing read:

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