Coinbase Enables Crypto Staking for New York Residents
Coinbase has expanded its staking services to New York residents as of October 8, enabling them to earn rewards on cryptocurrencies like Ethereum and Solana. This expansion follows negotiations with state regulators, who previously restricted such services due to investor protection concerns.
- Staking in New York had been limited by stringent regulations, including the BitLicense framework since 2015.
- The SEC had charged Coinbase in 2023 for unregistered staking but dropped the lawsuit in February 2025.
- Coinbase CEO Brian Armstrong emphasized that staking is not considered a security and encouraged other states to drop their lawsuits.
Coinbase's Chief Policy Officer, Faryar Shirzad, credited New York Governor Kathy Hochul for facilitating this regulatory change. He highlighted the economic opportunities it presents for New Yorkers.
Trends in US Staking
- Grayscale added staking to US spot Ethereum ETFs as reported on October 6.
- eToro launched staking for Ethereum, Cardano, and Solana in the US with tiered rewards.
- Kraken relaunched staking services for US customers in January 2025.
With New York joining the list of states offering staking, Coinbase aims for consistent nationwide regulations to broaden crypto opportunities and lead industry expansion amid friendlier regulations.