Coinbase has rolled out its staking feature for New York residents, allowing them to earn rewards on cryptocurrencies like Ether (ETH) and Solana (SOL) after obtaining approval from state regulators.

In a recent blog entry, Coinbase mentioned that users can now benefit from staking incentives. The firm acknowledged Governor Kathy Hochul’s efforts in supporting the approval process and expressed intentions to broaden staking options across the country.

“This is a significant achievement for New Yorkers, marking a stride towards providing equitable access to the financial future for all Americans,” Coinbase stated. “But our journey is ongoing. We believe that residents in California, New Jersey, Maryland, and Wisconsin have collectively missed out on over $130 million in staking rewards due to statewide restrictions.”

This initiative came after several U.S. states dismissed lawsuits against Coinbase, which originally challenged the legality of their staking services as potential securities violations. Notably, many states dropped such lawsuits in 2023, suggesting a shift in regulatory perspectives on staking.

However, not all states are aligned, as Oregon’s Attorney General Dan Rayfield has initiated actions against the exchange, asserting they are offering unregistered securities to its residents.

As part of its growth strategy, Coinbase has also applied for a National Trust Company Charter, indicating its aim to integrate more closely with traditional banking systems without fully transitioning into one.