Coinbase Staking Arrives in New York After Regulatory Nod

Coinbase has officially launched its crypto staking services in New York, overcoming previous regulatory objections that kept the state sidelined. This move allows New York residents to participate in Coinbase's staking programs and earn rewards on a variety of cryptocurrencies.

Key Highlights:

• Available Assets: Users can now stake Ethereum (ETH), Solana (SOL), Cosmos (ATOM), Cardano (ADA), Avalanche (AVAX), Polygon (MATIC), and Polkadot (DOT) on Coinbase.
• Competitive APYs: The staking program for Cosmos offers the highest yield, with an estimated APY exceeding 16%. Ethereum staking offers a more modest, but still attractive, 1.9% APY.
• Regulatory Approval: Coinbase cited Governor Hochul's leadership in fostering a clearer regulatory environment as pivotal to securing approval for staking in New York.
• Limited Availability: While now available in 46 states, California, New Jersey, Maryland, and Wisconsin still have restrictions on Coinbase's staking services.
• Background Context: This announcement follows the recent resignation of Adrienne Harris, New York's former top crypto regulator, and a previous $100 million settlement between Coinbase and the state over compliance failures.

Key Takeaways:

• New York's crypto regulatory landscape is showing signs of increased openness to crypto activities like staking.
• Coinbase's persistent efforts to work with regulators have paid off, expanding their staking service to a major market.
• The launch provides New York residents with a new avenue for generating passive income from their crypto holdings. However, users should be aware of regulatory actions, the volatile nature of crypto assets and the associated risks.