South Carolina has dropped its lawsuit against crypto exchange Coinbase regarding its staking services, joining Vermont in dismissing the unfounded claims of offering unregistered securities. The lawsuit was officially dismissed on March 27 in a joint stipulation between the crypto exchange and the South Carolina Attorney General’s securities division.
Coinbase’s chief legal officer, Paul Grewal, called it a victory for American consumers and hoped other states would follow suit. South Carolina and Vermont were among 10 states that took legal action against Coinbase’s staking services back in 2023, but now South Carolina has joined Vermont in dropping the lawsuit.
In a separate development, a state lawmaker in South Carolina introduced the Strategic Digital Assets Reserve Act, allowing the state treasurer to allocate up to 10% of certain state funds to cryptocurrencies like Bitcoin. The bill aims to establish a Strategic Digital Assets Reserve that could include Bitcoin, with a high ceiling of 1 million Bitcoin.
The bill does not mention other cryptocurrencies like Ether or stablecoins, but it does not limit the reserve to just Bitcoin. This move by South Carolina comes as the US federal government also establishes a Strategic Bitcoin Reserve. This bill is part of a larger trend, as 42 Bitcoin reserve bills have been introduced in 19 states, and 36 remain active.
Overall, these developments in South Carolina point to a growing acceptance and integration of cryptocurrencies into state financial systems, following the dismissal of the lawsuit against Coinbase and the introduction of the Strategic Digital Assets Reserve Act.
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