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ethereum

Coinbase Rolls Out Ethereum, Solana Staking To New York Users After Approval

Ash Tiwari
by Ash Tiwari
1 hour ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Leading US-based cryptocurrency exchange Coinbase today announced that it has rolled out crypto staking services for New York residents after receiving regulatory approval. Notably, Coinbase’s New York-based users can now stake Ethereum (ETH) and Solana (SOL) on the exchange.

Coinbase’s New York Users Can Now Stake Ethereum, Solana

After years of regulatory back-and-forth, Coinbase has finally emerged victorious, as the exchange today announced that its New York-based users can now stake leading cryptocurrencies, including ETH and SOL. 

Related Reading: Ethereum Investors Double Down As Staking Activity Spikes Sharply – Here’s How Much

For the uninitiated, staking is one of cryptocurrencies’ most-used features, as it allows holders to put their digital assets to use to not only secure the underlying blockchain network but also receive rewards in return.

In the announcement, Coinbase thanked New York’s Governor Kathy Hochul for “embracing progress and providing clarity” to ensure that New York residents get the opportunity to stake their digital assets.

It should be noted that back in 2023, multiple US states had filed lawsuits against Coinbase for offering staking services, alleging that it had violated securities laws. Subsequently, states such as South Carolina, Alabama, Kentucky, and Illinois dropped their cases, following Donald Trump’s victory in the 2024 US presidential election.

Coinbase stated that although its New York-based users can now enjoy its staking services, the battle is not over yet. The crypto trading platform added:

We estimate that residents in California, New Jersey, Maryland, and Wisconsin have collectively missed out on more than $130 million in staking rewards due to state-wide bans. That’s real money for families and communities who shouldn’t be left behind.

It is worth highlighting that financial regulators in the US are finally warming up to crypto staking services, as the Trump administration works toward creating a conducive crypto regulatory framework in the country to stop the exodus of businesses witnessed under Joe Biden’s regime.

Regulators Steadily Embracing Crypto Staking Services

Recently, asset manager Grayscale Investments announced that its Ethereum exchange-traded fund (ETF) had become the first ETF in the country to allow staking. The firm is now awaiting the approval of staking services for its Solana-based investment product.

Related Reading: Major Win For Crypto: SEC Rules Liquid Staking Activities Outside Securities Regulation

Similarly, other Solana-based ETFs are expected to offer staking services to their investors in the near term. Specifically, Solana ETFs from Franklin, CoinShares, Bitwise, Fidelity, Canary, and VanEck are expected to receive regulatory nod for staking in as little as two weeks.

That said, the road toward complete regulatory embrace of crypto staking services is not expected to be fully devoid of ups and downs. Recently, the US Securities and Exchange Commission (SEC) delayed the approval of staking proposals for Ethereum ETFs. At press time, ETH trades at $4,535, up 1% in the past 24 hours.

ethereum
Ethereum trades at $4,535 on the daily chart | Source: ETHUSDT on TradingView.com
Featured image from Unsplash.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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