Following guidance from the U.S. Securities and Exchange Commission (SEC) Division of Corporation Finance clarifying that some crypto staking services are not securities, five U.S. states continue to pursue legal actions against Coinbase’s staking program. Coinbase CEO Brian Armstrong voiced frustration over this resistance on May 30 on social media platform X. He wrote:

5 states still holding on to a bogus theory on crypto staking, harming residents of those states, after the federal government has provided clarity. We will keep fighting for your rights.

His post came in response to Coinbase Chief Legal Officer Paul Grewal, who stated: “We now have confirmation from the SEC’s Corp Fin of what we’ve all long known is true: staking as a service isn’t a security. You know it, I know it, the SEC knows it… the five holdout states know it too. It’s time they move on.”

Coinbase’s legal fight began in June 2023 when the SEC and 10 states accused the company of offering unregistered securities through its staking services. The company defended itself vigorously, asserting that its staking program was both safe and compliant. Users have never suffered financial losses through the program, Coinbase said, and it pledged to indemnify users in the unlikely event of any issue. Grewal and others within the firm continue to argue that staking-as-a-service is a regulated, secure method for users to earn rewards by participating in proof-of-stake blockchain validation without needing advanced technical expertise.

In addition to defending itself in court, Coinbase launched public education campaigns and worked with policymakers to promote a clearer regulatory framework for digital assets.

Despite a broader shift in regulatory stance—including the SEC dropping its own lawsuit in February and five states (Illinois, Kentucky, South Carolina, Vermont, and Alabama) following suit—California, New Jersey, Maryland, Washington, and Wisconsin have yet to back down. As noted in an April 25 Coinbase blog post, the ongoing cease-and-desist orders in four states have cost residents more than $90 million in missed staking rewards since June 2023. The company contends these holdouts are not protecting consumers but instead pushing them toward less regulated platforms and increasing uncertainty. Coinbase continues to call for these remaining states to drop their lawsuits and align with the rest of the country in recognizing staking as a legitimate and non-security digital asset service.

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