Starting today, New Yorkers can stake their crypto on Coinbase.
Staking your assets is a simple way to put your digital assets to work, securing blockchain networks and receiving rewards in return. Thanks to Governor Hochul’s leadership in embracing progress and providing clarity, this milestone marks a meaningful step forward in ensuring residents of the Empire State have access to the same economic opportunities already open to most other Americans.
Staking is essential to the operation of many of the world’s largest blockchains. And it is rewarding for the staker: in exchange for securing the network by staking, the staker earns more of the network’s tokens–for example, you can earn ETH for staking on the Ethereum blockchain. New Yorkers can now start earning rewards on their ETH, SOL, and other assets directly on Coinbase’s platform.
Coinbase commented:
“New York’s approval is another proof point that stifling innovation and depriving residents of financial opportunities is bad policy. We applaud New York, and hope to see this momentum continue across the U.S. Staking as a service, like that offered by Coinbase, is not a security. Recent SEC staff guidance confirms this, and the dismissal of staking cases against Coinbase by the States of Vermont, Illinois, Kentucky, Alabama, and South Carolina, confirms a national consensus has emerged”.
