Kentucky joins South Carolina and Vermont to dismiss lawsuit against Coinbase

PANews April 1 news, according to Decrypt, just days after South Carolina dropped its pledge lawsuit against crypto exchange Coinbase, Kentucky became the third state to take the same action in weeks after Vermont withdraws last month. The Kentucky Department of Financial Institutions filed a joint dismissal agreement on Monday, effectively ending its legal action against Coinbase pledge services. Previously, the service was charged with violating state securities laws. Coinbase Chief Legal Officer Paul Grewal later posted on the X platform: "Congress needs to pass a federal market structure law as soon as possible to end this state-by-state litigation.

Vermont withdrew from the case on March 14, citing federal lawsuits that have been revoked and that clearer national regulations are likely to be introduced. South Carolina then took the same action a few days later, with Grewal noting that the state residents lost about $2 million in pledge rewards due to the ban. ”