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by JEFF BARKER | BALTIMORE SUN
MARYLAND (WBFF) — Coinbase, the global cryptocurrency powerhouse, has launched a lobbying campaign to counter an order by Maryland Attorney General Anthony Brown restricting a rewards program that Brown says violates securities law.
Coinbase, which says it operates in more than 100 countries and holds $425 billion in assets, has met with dozens of Maryland state lawmakers as it seeks sponsors for legislation that would codify the program, company officials said.
The measure being sought would effectively undo a 2023 “cease and desist” order by the attorney general’s securities division.
In the order, the state barred Coinbase from offering a procedure known as “staking” that can yield investors returns. In staking, digital asset holders may receive passive income, somewhat like interest or dividends. Customers temporarily freeze some of their assets that Coinbase uses to validate transactions, and then become eligible for rewards for essentially helping police the system.
Read the full story on The Baltimore Sun.
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