Illinois to Drop Staking Lawsuit Against Coinbase
Three more states – Kentucky, Vermont and South Carolina – have already withdrawn their lawsuits.
Author: Cheyenne Ligon | Edited by: Nikhilesh De Updated: Apr 4, 2025 9:00 PM Published: Apr 3, 2025 5:30 PM
Illinois will soon drop its staking lawsuit against Coinbase, joining three other US states that recently dropped lawsuits against the exchange.
A spokesperson for Illinois Secretary of State Alexi Giannoulias told CoinDesk on Thursday that the department “intends to drop the lawsuit against Coinbase.” The spokesperson did not specify when the case might be dismissed.
Illinois was one of 10 U.S. states that filed charges against Coinbase in 2023 for allegedly violating local securities laws through its staking program. The U.S. Securities and Exchange Commission (SEC) also accused Coinbase of violating federal securities regulations over its staking product, but dropped that suit in February. Following the SEC’s retreat, state securities regulators in Kentucky, Vermont, and South Carolina also dropped their lawsuits against the exchange.
The remaining states with staking-related lawsuits against Coinbase include Alabama, California, Maryland, New Jersey, Washington, and Wisconsin. Representatives for California, Maryland, and Wisconsin declined to comment on the pending litigation.
A spokesperson for the New Jersey Bureau of Securities told CoinDesk that “the Coinbase case remains open,” while Bill Beatty, securities administrator for the Washington State Department of Financial Institutions, noted that “the state’s case with Coinbase is currently ongoing.”
The Alabama Securities Commission did not respond to CoinDesk's request for comment.
