Coinbase has renewed its public campaign to restore crypto staking access across the United States, arguing that state-level restrictions in four jurisdictions have already cost users more than $90 million in missed rewards since June 2023. The exchange said that while federal and state regulators have recently softened their stance on staking, meaningful barriers remain for users in several large markets.
In a statement posted on X, Coinbase said crypto holders in California, New Jersey, Maryland, and Wisconsin are still unable to fully access staking through its platform. According to the company, that has translated into a growing economic impact for retail users who have been shut out of a service that is widely available elsewhere in the country.
Breakdown of the Missed Rewards
Coinbase provided a state-by-state estimate of the rewards users have allegedly forgone. The company said users in Wisconsin have missed about $3 million in staking rewards since June 2023, while users in Maryland have lost around $5 million. In New Jersey, the figure was put at roughly $12 million, and in California, the largest affected market, users have missed close to $71 million. Together, those estimates amount to more than $90 million in unrealized rewards.
The company used those figures to underscore its broader argument that restrictions on staking are not just a legal or policy issue, but one that carries direct financial consequences for crypto owners. Coinbase also stressed that, according to its account, no users have lost staked assets through its platform.
Regulatory Momentum Has Shifted
Coinbase’s latest comments come as the regulatory backdrop for staking in the U.S. appears to be changing. The company said that the SEC and more than 40 states now allow Coinbase users to stake crypto, a notable contrast to the legal pressure the exchange previously faced across multiple jurisdictions.
Five states — Vermont, South Carolina, Kentucky, Illinois, and Alabama — have formally withdrawn staking-related lawsuits against Coinbase. The most recent development came on April 23, when Alabama’s Securities Commission dismissed its case. Coinbase noted that Alabama cited ongoing collaboration between the SEC and the crypto industry to build clearer regulatory standards.
That shift followed the SEC’s decision in February to dismiss its federal lawsuit against Coinbase. The company framed that move as a major turning point, one that has encouraged state regulators to reconsider prior enforcement actions and legal theories surrounding staking services.
Why Coinbase Is Focusing on Staking
For Coinbase, the dispute is about more than one product line. The exchange has consistently argued that staking is a core feature of modern proof-of-stake blockchain networks and an important mechanism for both network security and user participation. In its view, preventing eligible users from staking limits consumer choice and blocks access to yield opportunities tied to blockchain validation.
The company’s messaging also reflects a broader industry effort to distinguish staking from activities that regulators may classify differently under securities law. By emphasizing that users have not lost assets through Coinbase staking, the exchange is seeking to reinforce the idea that staking can be offered in a way that is operationally secure and beneficial to customers.
Four States Remain the Key Holdouts
Despite the broader pullback in enforcement, Coinbase made clear that the fight is not over. The exchange described California, New Jersey, Maryland, and Wisconsin as the remaining holdouts where users are still blocked from full staking access. Those states now represent the central focus of Coinbase’s public advocacy efforts.
The company said it will continue pushing for full restoration of staking rights nationwide. Its argument is straightforward: if regulators at the federal level and a growing number of states are moving toward a more permissive framework, users in the remaining restrictive states should not continue to be excluded from staking rewards.
Coinbase’s campaign highlights a wider policy debate in the U.S. crypto market. As enforcement-driven approaches give way to more explicit rulemaking discussions, staking is emerging as one of the clearest tests of how digital asset regulation may evolve. For now, Coinbase is framing the issue around access, fairness, and the measurable economic cost borne by users in the four states that still restrict participation.
Whether those states ultimately reverse course remains to be seen. But Coinbase’s latest figures are designed to increase the pressure by quantifying the opportunity cost to consumers — a number the company says is already above $90 million and still rising.