Coinbase Says New Jersey Users Can Resume Staking as Regulator Rescinds 2023 Cease-and-Desist Order

New Jersey’s securities regulator has rescinded the cease-and-desist order it issued against Coinbase in 2023 over the exchange’s staking program, according to a notice of rescission dated Oct. 30 shared on Monday by Coinbase General Counsel Molly Abraham.

The original order, entered June 6, 2023, against Coinbase Global, Inc. and Coinbase, Inc., directed the company to pay $5 million in civil penalties and barred it from offering unregistered securities in the state, naming the “Coinbase Staking Securities” among them. By Unchained’s count of the two dates in the notice, the order stood for 1,242 days.

“New Jersey has formally dropped its staking lawsuit against Coinbase and lifted its cease-and-desist order, paving the way for our NJ users to resume staking after missing millions of dollars in rewards over the past 3+ years,” Abraham said on X. She later added in the same post that “Wisconsin, Maryland, California, and Washington are next.”

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New Jersey acted in June 2023 as part of a multistate investigation led by California. At the time, the state attorney general’s office said roughly 145,270 New Jersey investors had used Coinbase’s staking service as of March 29, 2023, and that the order did not bar staking if Coinbase complied with state law.

The federal case went a different way. The SEC, which also sued Coinbase in June 2023, agreed to dismiss its case with prejudice in February 2025, meaning it cannot be refiled.

The notice runs two pages. Its operative line reads: “The Coinbase Order is rescinded, without prejudice.” New Jersey’s Bureau of Securities said in the notice it was acting “without an adjudication on the merits” and kept the power to pursue future enforcement against Coinbase under the state’s Securities Law.

The document describes an administrative order, not a lawsuit, and it does not mention staking resuming. It also does not say whether Coinbase paid the $5 million penalty or whether any of it will be returned.

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