The state of Vermont drops legal actions against Coinbase after the SEC case closure, confirming that staking services are not securities

The state of Vermont has dropped legal actions against the cryptocurrency exchange Coinbase, which was accused of offering unregistered securities through its staking service. The Vermont Department of Financial Regulation stated that after the SEC closed a similar case, they were also dropping their claims. The regulator pointed out that the creation of a new federal group for developing cryptocurrency regulations makes the cessation of the legal proceedings the most effective solution. Coinbase maintains the position that their staking services are not securities and urges other states to follow this example.