Overview
- Coinbase disclosed that New Jersey told the company on Oct. 29, 2026 that the state intends to rescind the June 6, 2023 summary penalty and cease-and-desist order, but the filing does not say the order is fully withdrawn or give a date for reopening staking.
- Some outlets reported the order has been dropped and users should be able to resume staking soon, while Coinbase’s published customer guidance continues to list New Jersey as restricted.
- The original 2023 order blocked New Jersey residents from adding new principal to Coinbase’s staking service after regulators said the offering looked like unregistered securities, though existing staked balances generally kept earning rewards.
- Coinbase estimates New Jersey customers missed roughly $15 million in staking rewards during the restriction and has put missed rewards across restricted states in the tens to low hundreds of millions.
- The notice follows several other states that have withdrawn similar actions and strengthens Coinbase’s call for a unified federal rule to end patchwork state enforcement; four states including California, Maryland, Washington and Wisconsin still impose limits.