Vermont regulator drops inquiry into Coinbase's staking service

According to ChainCatcher, Paul Grewal, chief legal officer of Coinbase, tweeted that the Vermont Financial Regulatory Department has officially withdrawn its inquiry order against Coinbase regarding its cryptocurrency staking service.

According to the official document released on March 13, the withdrawal decision does not affect possible further legal actions in the future. The document shows that the main reasons for Vermont's decision to withdraw the inquiry order include the SEC's withdrawal of similar charges against Coinbase in the Federal Court for the Southern District of New York, and the SEC has established a new working group to formulate cryptocurrency-related regulatory rules. Coinbase welcomed this and called on Congress to pass comprehensive cryptocurrency legislation, while encouraging other states to follow Vermont's decision.