Illinois will soon drop its staking lawsuit against Coinbase and join three other US states that have recently retreated from lawsuits against the exchange.
A spokesman for Illinois Secretary of State, Alexi Jeannoulias, told Coindsk on Thursday that the office “will be suing the Coinbase lawsuit.” The spokesman did not reply when asked when the case could be removed.
Illinois was one of ten U.S. states that filed accusations against Coinbase in 2023 that allegedly violated state securities laws through a staking program. The Securities and Exchange Commission (SEC) also accused Coinbase of violating federal securities laws due to its staking products, but dropped the lawsuit in February. Since the SEC retreat, state securities regulators in Kentucky, Vermont and South Carolina have also waived their own lawsuits against the exchange.
The remaining states with staking-related suits against Coinbase include Alabama, California, Maryland, New Jersey, Washington and Wisconsin. A spokesman for California, Maryland and Wisconsin declined to comment on the pending lawsuit.
A representative from the New Jersey Securities Office told Coindsk that “Coinbase issues are still open,” while Bill Beatty, securities manager for Washington Financial Institutions, told the state “still “continued at this time.”
The Alabama Securities Commission did not reply to Koindsk’s request for comment.
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