Vermont follows SEC lead and withdraws Coinbase staking legal action

After the U.S. Securities and Exchange Commission (SEC) withdrew its lawsuit against Coinbase, the state of Vermont took the same action.
According to Cointelegraph, on the 14th (local time), the Vermont Department of Financial Regulation
In an order issued on the 28th, the company stated that it would follow precedent and suspend Coinbase’s staking legal action in light of the SEC’s dismissal of the case on February 28th.
Vermont was one of 10 US states that joined Coinbase in filing a legal lawsuit against the company in 2023.
Vermont's Department of Financial Regulation announced that the SEC will form a new task force to provide guidance on regulating cryptocurrency products and services.
"With the federal lawsuit now dismissed and new federal regulatory guidance likely to be forthcoming, we have determined that rescinding the order is the most efficient and just course of action," the company said.
The SEC filed a lawsuit against Coinbase in June 2023, and on the same day filed suit in Alabama, California, Illinois, Kentucky, Maryland, New Jersey, and
Ten states, including South Carolina, Vermont, Washington, and Wisconsin, also filed legal action. At the time, state governments ruled that Coinbase was offering staking services without a license.
The lawsuit claims that Huawei violated securities laws by providing such services and demands that the court order the suspension of those services.