South Carolina has dismissed its lawsuit against Coinbase regarding its staking services, joining Vermont in what Coinbase describes as a victory for American consumers. The lawsuit, which accused Coinbase of offering unregistered securities, was concluded through a joint stipulation between Coinbase and the South Carolina Attorney General’s Office on March 27. This dismissal is significant as South Carolina, alongside Vermont, is one of 10 states that filed similar legal actions against Coinbase in June 2023, coinciding with federal charges from the SEC. Coinbase's chief legal officer, Paul Grewal, expressed hope that other states will follow South Carolina’s lead, emphasizing the importance of consumer protection and clear regulations for the 52 million Americans who own crypto. Additionally, a new bill, the “Strategic Digital Assets Reserve Act,” was introduced in South Carolina, proposing a Bitcoin reserve, allowing the state treasurer to allocate funds into cryptocurrencies. This development indicates a growing acceptance of cryptocurrency at the state level.

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