The company announced Wednesday that residents can now earn staking rewards on assets including Ethereum (ETH) and Solana (SOL), following formal approval from New York regulators. Coinbase described the move as a breakthrough for financial innovation in one of the toughest regulatory environments in the United States.

“This is a big win for New Yorkers,” the firm said, adding that the decision reflects Governor Kathy Hochul’s willingness to embrace responsible crypto innovation. Coinbase framed the approval as part of its broader mission to ensure “every American has equal access to the future of finance.”

Staking Returns to the Empire State

Staking allows crypto holders to earn rewards by locking up tokens that help secure blockchain networks – a process regulators in several states had previously challenged as an unregistered securities offering. Coinbase’s green light in New York follows a year of legal victories in similar cases across the country.

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Authorities in South Carolina, Alabama, Kentucky, Vermont, and Illinois have all dropped lawsuits alleging Coinbase’s staking programs violated state securities laws, clearing a path for broader rollout.

Missed Opportunities for Other States

Coinbase used the announcement to highlight how restrictive policies elsewhere have cost users potential income. The company estimated that residents of California, New Jersey, Maryland, and Wisconsin have collectively forfeited more than $130 million in staking rewards due to ongoing state-level bans.

With the new approval, Coinbase plans to expand its staking services across more U.S. jurisdictions, aiming to normalize regulated on-chain participation nationwide.

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