Coinbase Receives Approval to Offer Crypto Staking Services in New York

Coinbase has received regulatory approval to offer crypto staking services to New Yorkers. Residents can now stake Ethereum and Solana on the platform, earning rewards in crypto assets. Coinbase hailed Governor Kathy Hochul for embracing progress, labeling the approval as a milestone for offering economic opportunities to New Yorkers. The exchange reiterated that staking as a service isn't a security, citing a May guideline from the SEC. Coinbase estimates that residents in California, New Jersey, Maryland, and Wisconsin have missed out on over $130 million in staking rewards due to statewide bans.

Coinbase has received regulatory approval to offer crypto staking services to New York residents, allowing them to stake Ethereum and Solana on the platform and earn rewards in crypto assets. The exchange hailed Governor Kathy Hochul for embracing progress, labeling the approval as a milestone for offering economic opportunities to New Yorkers. The staking service is now available in 46 states, including New York, but not in California, New Jersey, Maryland, or Wisconsin, which still limit the practice.

Coinbase estimates that residents in California, New Jersey, Maryland, and Wisconsin have collectively missed out on over $130 million in staking rewards due to state-level bans. The exchange reiterated that staking as a service is not a security, citing a May guideline from the SEC. The service offers variable annual percentage yields (APYs), with Cosmos staking showing the highest estimated APY of over 16%, while Ethereum staking yields approximately 1.9% annually.

New Yorkers can now stake supported tokens on Coinbase and receive staking rewards, following regulatory approval and program launch in the state. The service includes Ethereum, Solana, Cosmos, Cardano, Avalanche, Polygon, and Polkadot with variable estimated APYs and custodial management by Coinbase. Coinbase configures custodial staking pools and validates on behalf of users while managing infrastructure and security. Customers deposit supported tokens into Coinbase accounts and opt into staking. Rewards accrue periodically and are credited per Coinbase’s distribution schedule.

Coinbase’s staking services have been a subject of regulatory scrutiny, with the exchange pausing staking services in several states due to legal challenges. However, recent developments, including the SEC’s August 2025 guidance clarifying that certain liquid staking arrangements do not constitute securities transactions, have paved the way for the expansion of staking services.

Coinbase has been attempting to get its staking services approved in New York for years, and the milestone announcement comes just a week after Adrienne Harris, New York’s top crypto regulator, announced her resignation. The exchange’s staking programs are now available in 46 states, including New York, but not in California, New Jersey, Maryland, or Wisconsin, which all still limit the practice.