Coinbase has officially launched its staking services for residents of New York, allowing users to accumulate rewards on various cryptocurrency assets including Ether (ETH) and Solana (SOL) after receiving the necessary regulatory approval from state authorities.

In a recent blog post, Coinbase announced that users can start earning rewards from staking these digital currencies, attributing the successful approval to Governor Kathy Hochul for her “embracing progress and providing clarity” in facilitating this initiative. The company also hopes to broaden their staking services across the United States.

“This is a big win for New Yorkers, and a step toward ensuring every American has equal access to the future of finance,” Coinbase remarked. “But our work is not done. We estimate that residents in California, New Jersey, Maryland, and Wisconsin have collectively missed out on more than $130 million in staking rewards due to state-wide bans.”

Coinbase Staking Source: Coinbase Vice President of Legal, Ryan VanGrack

This move comes after various lawsuits against Coinbase by several states were dropped, which had previously claimed the exchange’s staking operations were in violation of securities regulations. Following this approval, it’s noted that state regulators may be shifting their stance on staking.

However, not all jurisdictions are supportive. For instance, after a federal lawsuit against Coinbase was dismissed, Oregon Attorney General Dan Rayfield filed a separate lawsuit alleging the exchange was offering unregistered securities to state residents.

In a broader context, Coinbase is also pursuing a National Trust Company Charter with the US Office of the Comptroller of the Currency, striving for a relationship that bridges the gap between conventional banking and cryptocurrency, even as CEO Brian Armstrong expresses his vision for a crypto “super app.”