New York residents are now finally able to stake their crypto on digital assets exchange Coinbase (NASDAQ:COIN). Staking assets is described as a straightforward process sp that investors can put their crypto to work, securing blockchain networks and periodically receiving rewards in return.
Thanks to Governor Hochul’s leadership in embracing and encouraging progress and providing much-needed clarity, this latest milestone marks a meaningful step forward in ensuring residents of New York have access to the same economic opportunities open to most other US traders and investors.
At Coinbase, they claim to have always been committed to offering secure, compliant, and trusted staking services via their crypto-focused platform.
Staking is described in a blog post by Coinbase as being essential to the operation of many of the largest blockchains.
And it is rewarding for the staker: in exchange for securing the blockchain based network by staking, the staker earns more of the network’s digital tokens–for instance, clients are able to earn ETH for staking on the Ethereum blockchain.
New York residents are now able to start earning rewards on their ETH, SOL, and other digital assets directly on Coinbase’s platform. Under the Trump Administration, the overall approach towards crypto and web3 has taken a more positive turn. Overall, the Administration has also taken a more progressive stance towards meaningful innovation that could fuel growth of the US economy.
According to a blog post from Coinbase, this may be considered a big win for New Yorkers, and a step toward ensuring US residents has equal access to the so-called “future of finance.”
Coinbase also mentioned that they estimate that residents in California, New Jersey, Maryland, and Wisconsin have collectively “missed out on more than $130 million in staking rewards due to state-wide bans.”
Coinbase added:
“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.”