Coinbase Rolls Out Crypto Staking In New York – CEO Brian Armstrong Urges Other States To Follow Suit

Coinbase Global (COIN) announced on Wednesday that residents of New York can now stake cryptocurrencies, including Ethereum (ETH), Solana (SOL), Cardano (ADA), and others, directly on its platform, following regulatory approval from state authorities.

The move restores access to staking services for millions of New Yorkers, marking a significant change in one of the country’s most tightly regulated crypto markets. COIN’s stock gained more than 2% in morning trade. On Stocktwits, however, retail sentiment around the crypto exchange dipped to ‘bullish’ from ‘extremely bullish’ amid ‘high’ levels of chatter over the past day.

Coinbase CEO Brian Armstrong welcomed the development, noting that New York’s approval reflects a growing recognition that crypto staking is not a security. In a post on X, he suggested that other states, including California, Wisconsin, New Jersey, and Maryland, should reconsider their legal challenges and regulatory barriers, allowing residents to access staking services without unnecessary restrictions. 

“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,” the company said in its blog post. “New York’s approval is another proof point that stifling innovation and depriving residents of financial opportunities is bad policy.” Coinbase staking is now allowed in 46 U.S. states after its latest announcement.

The company has reportedly been pushing for a “speedy regulatory pathway” alongside peer Robinhood (HOOD) to allow stocks to trade like cryptocurrencies on the blockchain – a push that the Securities and Exchange Commission (SEC) is also gunning for but facing backlash from traditional financial firms like Citadel Securities. 

Coinbase’s stock has gained nearly 50% this year and nearly 130% in the last 12 months.

Read also: BNB Hits Record $1,330 While Bitcoin, Ethereum Retreat Amid $650 Million Liquidations

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