Illinois to Dismiss Coinbase's Custody Lawsuit

BlockBeats News, April 4th. According to a CoinDesk report, Illinois plans to dismiss the custody service lawsuit against the cryptocurrency exchange Coinbase, becoming the fourth state to drop such charges after Kentucky, Vermont, and South Carolina. In 2023, Coinbase was sued by ten states for allegedly violating state securities laws through its custody service. The U.S. Securities and Exchange Commission (SEC) also filed a federal lawsuit against the product, but withdrew it in February this year. States that are still pursuing custody-related lawsuits include: Alabama, California, Maryland, New Jersey, Washington, and Wisconsin. New Jersey and Washington regulators stated that the cases are still ongoing, while the remaining states declined to comment.