Vermont has withdrawn its “show cause order” against Coinbase. The state’s Department of Financial Regulation announced it through a March 13 court order. According to the publicized document, Vermont dropped the lawsuit against the exchange without prejudice, allowing the state to reopen the case if necessary. Also, the court order stipulated that each side shall bear its legal costs, implying that neither party is responsible for the other’s expenses bokep sub indo.
Vermont’s Decision Aligns with the SEC
Vermont’s financial regulatory department stated its decision aligned with the US Securities and Exchange Commission (SEC) closing its investigations into Coinbase in February. On February 21, Coinbase and the SEC agreed to resolve their legal dispute. The termination of the court case did not involve fines or implications of misconduct Cekijp.
Aside from the SEC, the new Crypto Task Force formation influenced Vermont’s decision. “The SEC has announced the formation of a new task force to, among other things, guide the promulgation of rules regarding the regulation of cryptocurrency products and services,” the department stated.
Origin of the Vermont vs. Coinbase Legal Battle
The court case between both parties dates back to June 2023. On June 6, the SEC and ten other US states, including California, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Alabama, Washington, Vermont, and Wisconsin, filed lawsuits against the American exchange alleging that it offered users unregistered securities Zorro4d login.
Vermont’s Department of Financial Regulation “show cause order” specifically criticized Coinbase for offering unlicensed staking to users. It demanded that the trading platform provide reasons why the court shouldn’t order them to stop the service.
Coinbase CLO Reacts
In a March 13 tweet, Paul Grewal, Coinbase’s Chief Legal Officer (CLO), confirmed the case’s dismissal. He praised Vermont for embracing progress and providing clarity for its citizens who own digital assets. The CLO also reiterated that staking services have never been securities.
In a follow-up tweet, Grewal advocated for comprehensive legislation to cover every digital asset, including staking. He stated, “Our work isn’t over. Congress must seize the bipartisan momentum we’re seeing across the House and Senate to pass comprehensive legislation that takes into account the novel features of digital assets, such as staking.” The CLO also urged other US states that had filed similar lawsuits against Coinbase to withdraw them kebo88.
