Illinois plans to withdraw its lawsuit against Coinbase concerning the exchange's staking services, as confirmed by a spokesperson for Secretary of State Alexi Giannoulias. This marks Illinois as the fourth state to dismiss its legal action against the crypto exchange within a month. Following Vermont’s dismissal on March 13, South Carolina on March 27, and Kentucky on March 31, the state will finalize the decision without a specified timeline. The legal actions originated from allegations that Coinbase's staking program constituted unregistered securities offerings. The U.S. Securities and Exchange Commission (SEC) recently reached an agreement to dismiss its lawsuit against Coinbase, signaling a shift in regulatory stance regarding crypto oversight. Six states, including Alabama and California, still maintain pending lawsuits against Coinbase, as pressures mount for a federal approach to cryptocurrency legislation, as urged by Coinbase's Chief Legal Officer Paul Grewal.

Source 🔗