Starting today, New Yorkers can stake their crypto on Coinbase. Staking your assets is a simple way to put your digital assets to work, securing blockchain networks and receiving rewards in return. Thanks to Governor Hochul’s leadership in embracing progress and providing clarity, this milestone marks a meaningful step forward in ensuring residents of the Empire State have access to the same economic opportunities already open to most other Americans.
At Coinbase, we’ve always been committed to providing secure, compliant, and trusted staking services through our platform. Staking is essential to the operation of many of the world’s largest blockchains. And it is rewarding for the staker: in exchange for securing the network by staking, the staker earns more of the network’s tokens–for example, you can earn ETH for staking on the Ethereum blockchain. New Yorkers can now start earning rewards on their ETH, SOL, and other assets directly on Coinbase’s platform.
This is a big win for New Yorkers, and a step toward ensuring every American has equal access to the future of finance. But our work is not done. We 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. That’s real money for families and communities who shouldn’t be left behind.
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.
The path forward is clear: we’re well on our way to giving every American the opportunity to earn staking rewards, unlocking financial freedom regardless of where they live.
For New Yorkers–your time is now. Make your money and crypto work for you. In the city that never sleeps, your money shouldn’t either.
For more information on staking and how to get started, visit Coinbase Staking.
About Paul Grewal
Paul Grewal is the Chief Legal Officer of Coinbase. Before joining Coinbase, Paul was Vice President and Deputy General Counsel at Meta. Prior to Meta, Paul served as United States Magistrate Judge for the Northern District of California. Paul was previously a partner at Howrey LLP, where his practice focused on intellectual property litigation. Paul served as a law clerk to Federal Circuit Judge Arthur J. Gajarsa and United States District Judge Sam H. Bell. He received his JD from the University of Chicago Law School and his BS in Civil and Environmental Engineering from the Massachusetts Institute of Technology.
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