Key Points
- Coinbase has extended its staking services to New York residents, allowing them to earn rewards on cryptocurrencies like Ethereum and Solana.
- The move follows negotiations with state regulators and aims to bring consistent rules nationwide.
On October 8, Coinbase announced that its staking services are now accessible to residents of New York.
This expansion allows individuals to earn rewards on cryptocurrencies such as Ethereum (ETH) and Solana (SOL), without requiring technical expertise.
The news was shared on an undisclosed platform, welcoming New York to join the 45 other states where staking is already active.
CEO’s Remarks and Regulatory Progress
Coinbase CEO, Brian Armstrong, acknowledged the progress in New York. He emphasized that staking services should not be considered securities and urged states like California, Wisconsin, New Jersey, and Maryland to drop their lawsuits. Armstrong concluded his remarks by wishing New Yorkers happy staking.
The approval for staking services in New York was granted after discussions with state regulators, who had previously restricted such services due to investor protection concerns.
New York has stringent regulations on cryptocurrencies and has required platforms to comply with the BitLicense framework since 2015. Staking was previously prohibited in the state as officials viewed it similarly to securities offerings. However, a lawsuit filed by the SEC against Coinbase in 2023 for failing to register its staking program was dropped in February 2025.
Staking Trends and Future Goals
Coinbase’s Chief Policy Officer, Faryar Shirzad, expressed gratitude to New York Governor Kathy Hochul for enabling this change. He described it as a significant victory for economic growth in the state.
This development is in line with broader trends in staking. Grayscale was the first to add staking to US spot Ethereum ETFs. Previously, eToro launched staking for Ethereum, Cardano, and Solana in the US with tiered rewards. Kraken also restarted staking for US customers in January 2025.
With the inclusion of New York, Coinbase aims to advocate for uniform rules across the nation. This could potentially unlock more opportunities in the crypto sector and lead the industry in expanding its offerings as regulations become more accommodating.
