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Coinbase, the largest digital assets exchange in the United States, has revealed that residents across five states have missed out on more than $90 million in potential staking rewards since June 2023.

The exchange explained that the missed earnings stemmed from these states’ ongoing legal actions against the platform’s staking services.

Coinbase Pushes Back Against Outdated Staking Bans in US States

On April 25, Coinbase publicly urged California, New Jersey, Maryland, Wisconsin, and South Carolina to lift their restrictions against its staking services.

According to the exchange, removing these restrictions would align these states with the Securities and Exchange Commission (SEC). Notably, several other states have already abandoned similar efforts.

Earlier this year, the SEC dropped its enforcement action against Coinbase’s staking operations, allowing the exchange to resume its services without federal opposition.

Following the SEC’s move, Illinois, Kentucky, South Carolina, Vermont, and Alabama also withdrew their actions, leaving only a handful of states maintaining restrictions.

Coinbase argues that the holdout states have imposed outdated and misdirected bans. The company stresses that regulators originally designed cease-and-desist orders to combat scams, not legitimate financial services like staking.

Considering this, the firm warned that the financial impact on residents will continue to grow unless the restrictions are lifted soon.

“The holdouts actively harm their consumers by barring their access to safe wealth generation tools like staking. They’ve cost these Americans tens of millions of dollars in potential earnings – and counting,” Coinbase’s chief legal officer Paul Grewal said on X.

Beyond lost earnings, Coinbase believes these state-level actions harm consumers by limiting their choices.

The exchange warned that residents might be forced to seek staking options through less secure, lightly regulated platforms. This shift could expose users to higher risks without the protections offered by licensed and established exchanges.

“By singling out Coinbase, these holdout states are arbitrarily picking winners and losers. That’s the job of consumers, not state bureaucrats. Their actions not only deprive consumers of competition and choice, but also push them towards potentially less regulated (or unregulated) staking platforms,” Coinbase stressed

Coinbase also raised concerns about the wider effects on the crypto industry. The ongoing bans, it said, add to the regulatory uncertainty that continues to cloud the US digital asset market.

While the SEC and multiple states have moved toward providing greater clarity, the holdout states risk isolating themselves from the emerging federal framework.

“Against this backdrop, continued litigation by the holdout states is more indefensible than ever. These lawsuits don’t protect consumers – they confuse them and expose them to greater risk,” Coinbase stated.

The exchange urges these states to align with national efforts to modernize crypto regulations.

The firm emphasized that dropping the staking restrictions would benefit residents and promote safer innovation. It added that this move would help create a stronger, more competitive crypto economy in the United States.

The post SEC Restrictions Have Cost Coinbase Users $90 Million in Staking Rewards appeared first on BeInCrypto.

In a keynote address at the SEC’s latest Crypto Roundtable, Paul Atkins commented on the Commission’s role in crypto policy. He identified three key regulatory focus areas: issuance, custody, and trading.

Compared with his last Roundtable appearance in late April, Atkins gave an insightful look at his ambitious crypto agenda. With these priorities, it seems like the SEC will truly transform US crypto policy.

Paul Atkins’ Plans for the SEC

Earlier today, the SEC hosted its fourth Crypto Roundtable discussion, centered around tokenization. Its agenda has been telegraphed for several weeks, and the Commission published several members’ full statements.

Hester “Crypto Mom” Peirce was enthusiastic, Caroline Crenshaw displayed her usual skepticism, and SEC Chair Paul Atkins gave a keynote address:

“In order for the United States to be the ‘crypto capital of the planet’ as envisioned by President Trump, the Commission must keep pace with innovation. Rules and regulations designed for off-chain securities may be incompatible with or unnecessary for on-chain assets and stifle the growth of blockchain technology,” he claimed.

This discussion is Paul Atkins’ second Crypto Roundtable discussion since becoming SEC Chair. Today’s appearance, however, was very different.

Although his speech in April was remarkably brief, this keynote address was much more comprehensive. Atkins’ comments extended past tokenization to give insights into his overall outlook on crypto policy.

His comments revolved around a common theme: the digital asset industry is comprehensively different from TradFi institutions, and requires a new approach.

Atkins claimed that the SEC has the responsibility “to set fit-for-purpose standards for market participants.” To accomplish this, he identified three overarching areas of interest:

First, Atkins claimed that the SEC should enable crypto firms to explicitly issue securities contracts. Issuers have generally avoided the Howey Test, and Atkins mentioned that only four crypto companies currently have registered securities offerings.

He believes that the SEC “has broad discretion under the securities acts to accommodate the crypto industry” and intends to use it.

Secondly, Atkins wishes to direct the SEC to liberalize custody rules for cryptoassets. He plans to encourage more of them by reforming “qualified custodian” requirements and the broker-dealer framework.

This includes recognizing blockchain-based self-custody solutions and other high-tech approaches that don’t currently align with the law’s view of an asset custodian.

In a particularly important move, Atkins wants the SEC to allow more asset trading. This position manifests in a few ways. He doesn’t just advocate for single firms to offer both securities and commodities; Atkins would even allow “pairs trading,” matching both categories together.

His priority is keeping the securities market in the US, and he wants Congress to facilitate this.

In summary, Paul Atkins has very ambitious plans for the SEC’s crypto approach. Compared to his last Roundtable appearance, today’s keynote speech was practically a manifesto.

With this bold and clear-eyed leadership, it seems inevitable that the SEC will transform US crypto regulation for the better.

The post What Did Paul Atkins Say at the SEC’s Latest Crypto Roundtable? appeared first on BeInCrypto.

According to Johnny Garcia, Managing Director of Institutional Growth and Capital Markets at the VeChain Foundation, Texas will likely become the next state to establish a strategic Bitcoin reserve after New Hampshire.

In an exclusive interview with BeInCrypto, Garcia explained that states with pro-innovation leadership are more inclined to follow New Hampshire’s example. Meanwhile, others may adopt a more cautious, wait-and-see approach.

Why States Like Texas Are More Likely to Follow New Hampshire’s Bitcoin Reserve Lead

The VeChain executive described New Hampshire’s passage of House Bill 302 as a ‘landmark moment’ for digital assets. He stated that the development highlights Bitcoin’s growing recognition as a strategic financial instrument. 

It also lays the groundwork to encourage wider blockchain adoption by normalizing digital assets in public portfolios. 

“Momentum has been gathering at the State level since the presidential inauguration, and have commented before, there is a sea change taking place in the minds of State representatives across the general perception of Bitcoin [and other crypto assets] in the US,” Garcia told BeInCrypto.

Importantly, he believes the move could prompt the states already considering related legislation to accelerate their efforts so they don’t fall behind. The latest data from Bitcoin Laws shows that as of May 2025, 37 digital asset-related bills are active in 20 states.

However, Garcia emphasized that the success of these bills depends on various factors. These include a state’s political climate, economic priorities, and risk tolerance.

“States with pro-innovation leadership, like Texas or Utah, are more likely to follow New Hampshire’s lead in short order, while others may wait to see how things play out for N.H,” he added.

This dynamic is already playing out in practice. For instance, on May 6, New Hampshire’s Republican Governor Kelly Ayotte signed HB302, allowing the state to allocate up to 5% of its funds in Bitcoin. 

Nevertheless, Arizona’s Democratic Governor, Katie Hobbs, vetoed Senate Bill 1025, SB 1373, and SB 1024, citing concerns over Bitcoin’s volatility. Still, she signed HB 2749. The bill permits the state to claim abandoned digital assets without making direct investments.

With Texas now in the spotlight, there is strong optimism that similar legislation will be signed into law. Republican Governor Greg Abbott has expressed a favorable outlook toward the industry. The Texas Legislative session ends on June 2, so the decision could come any day now.

This trend highlights a clear difference of opinion between Democrats and Republicans regarding investments in digital asset reserves, a divide Garcia also acknowledges.

“These differences are nothing new, and I chalk them up to deeper-rooted perspectives, just like there are conservatives and liberals, or risk takers and those who like to play things safe. Some may try to tease out those groups and label people on one side as Democratic and the other as Republican, but I think that is too simplistic,” he said.

He acknowledged that bridging this gap poses a significant, but surmountable, challenge. The executive noted that increased cooperation can be fostered through education and a deeper understanding of the technology’s potential benefits and risks.

According to Garcia, the focus should be on identifying shared goals, such as leveraging blockchain to improve efficiency and transparency in government operations—an approach that could lay the groundwork for bipartisan collaboration.

“The ultimate goal would be to develop a thoughtful and balanced approach to digital assets that can benefit all Americans, regardless of political affiliation. This can be achieved by moving the conversation beyond partisan lines and focusing on the long-term economic and technological implications,” Garcia disclosed to BeInCrypto.

How Will State-Level Interest Impact Broader Crypto Adoption?

Whether Democrats and Republicans will ever fully agree on digital assets remains uncertain. Despite this, the introduction of bills and increased discussions at the state level signal growing interest and momentum.

Garcia said this shift marks a fundamental change in how public finance views blockchain assets, recognizing them as tools for innovation and resilience. 

“It, combined with the strength of Bitcoin, has rekindled the discussion around ‘digital gold’ and could help reshape public finance by introducing decentralized, censorship-resistant assets into traditional portfolios,” he commented.

Furthermore, Garcia outlined three ways state-level interest will enhance mainstream and enterprise cryptocurrency accessibility and adoption.

• It normalizes digital assets as a strategic asset class, not just speculative. This encourages more institutional and enterprise participation.
• This also pushes policymakers and the public to better understand digital assets’ risks and benefits, which can lead to clearer and better regulations.
• It helps build infrastructure like regulated custody and on-chain auditability. This makes blockchain adoption easier for businesses.

He also said that while accessibility remains a challenge for mainstream adoption, state-backed initiatives could foster partnerships between the public and private sectors. This collaboration could lead to the development of user-friendly wallets, custody services, and decentralized finance platforms, expanding access for both retail and institutional users.

“This aligns with our focus at VeChain on scalable, enterprise-grade blockchain solutions, and we anticipate that state-level adoption will create a ripple effect, accelerating the integration of digital assets into both public and private sectors,” Garcia remarked.

The Balance Between Opportunity and Risk in State Crypto Holdings

While the benefits inspire optimism, the reserves carry several implications for a common taxpayer. Garcia explained that supporters believe state investments could boost long-term returns and diversify away from inflation-prone assets, potentially strengthening the state’s finances and benefiting taxpayers. Yet, he claimed,

“We have not yet reached the point where Bitcoin has achieved a greater level of stability, and if it sees a similar pullback compared to previous cycles, that would greatly diminish interest in setting up reserves and could cost taxpayers money.”

Garcia warned that significant price drops could lead to losses in the state’s reserves. Thus, if the allocation is too large or poorly managed, this could potentially threaten financial stability.

“This could, in theory, lead to pressure for tax policy changes to offset those losses, although this would depend heavily on the scale of the investment and the state’s overall financial health,” he mentioned to BeInCrypto.

Garcia advocated educating taxpayers about both the benefits and risks to maintain public trust. He emphasized that the long-term impact will depend on the responsible and strategic management of these reserves.

Beyond tax concerns, Garcia detailed several challenges states may face when implementing crypto reserves. 

“The volatility of digital assets remains the biggest challenge facing states looking to implement reserves, as managing this volatility within a public treasury framework will require careful consideration and potentially sophisticated risk management strategies,” he commented.

Garcia also mentioned that educating lawmakers and the public is crucial for wider acceptance, as many state officials lack expertise in digital asset management and will need training or specialists. He underlined that federal regulatory uncertainty adds complexity. Therefore, clear rules on custody and reporting are necessary. 

According to Garcia, transparency and strong cybersecurity measures are other key factors essential to ensuring the long-term success of these initiatives.

The Road to a National Strategic Bitcoin Reserve

Meanwhile, Garcia pointed out that concerns over taxes and market volatility are why President Trump’s Bitcoin reserve does not include provisions for investing the country’s funds. Instead, it focuses on using forfeited assets to build the stockpile.

However, a national-level bill seeks to achieve this. The BITCOIN Act, introduced by Senator Cynthia Lummis, proposes establishing a Strategic Bitcoin Reserve. 

The SBR would involve acquiring 1 million Bitcoins over five years and holding them for at least 20 years. Garcia declared that allowing direct Bitcoin investments would depend on shifting political and economic factors.

“Allowing for such purchases will require bipartisan support in both the House and the Senate, along with the President’s signature, but as the recent stall for the GENIUS Act shows, lawmakers are far from being on the same page,” the executive shared with BeInCrypto.

Garcia believes that a clear regulatory framework for crypto and a plan to incorporate Bitcoin into a strategic reserve will eventually be established by law. Nonetheless, the timeline and specific details of these bills remain ‘challenging to predict.’

The post VeChain’s Johnny Garcia Explains Why Texas Could Be Next to Adopt a Bitcoin Reserve appeared first on BeInCrypto.