新泽西州撤销Coinbase质押禁令，结束三年对峙
New Jersey Drops Coinbase Staking Order After Three Years
美国主要州级监管对加密资产质押限制的实质性松绑，直接影响Coinbase在新泽西的业务合规性与用户收益，值得从业者关注后续其他州的跟进动态及监管态度的演变。
Bitcoin Magazine
比特币杂志
New Jersey Drops Coinbase Staking Order After Three Years
新泽西州在三年后撤销对 Coinbase 的质押禁令
New Jersey’s securities regulator has withdrawn the 2023 cease-and-desist order that barred Coinbase from offering staking to new customers in the state, ending a three-year standoff that cost residents an estimated $15 million in forgone rewards.
新泽西州的证券监管机构已撤销 2023 年发布的停止令，该命令曾禁止 Coinbase 在该州向新客户推出质押服务，从而结束了一场长达三年的对峙，据估计导致居民损失了约 1500 万美元的潜在收益。
The Bureau of Securities notice, dated Oct. 30 and signed by Acting Bureau Chief Keith A. Alt, rescinds the order and the $5 million penalty that came with it. The withdrawal is without prejudice and without a ruling on the merits.
这份由代理局长 Keith A. Alt 于 10 月 30 日签署的证券局通知撤销了该命令及随之而来的 500 万美元罚款。此次撤销不损害任何权利，且未对案件实质问题进行裁决。
Coinbase disclosed the development in its third-quarter report filed with the Securities and Exchange Commission, which states that the regulator informed the company of its intent to rescind on Oct. 29.
Coinbase 在向美国证券交易委员会（SEC）提交的第三季度报告中披露了这一进展，报告指出监管机构于 10 月 29 日通知公司其拟撤销该命令的意图。
Coinbase CEO Brian Armstrong said New Jersey users would regain access to staking “very soon.”
Coinbase 首席执行官 Brian Armstrong 表示，新泽西州用户将“很快”恢复对质押服务的访问权限。
As of Monday, the exchange’s eligibility page continued to list New Jersey among the states where customers cannot stake new principal, and no reopening date has been announced.
截至周一，该交易所的资格页面仍列出新泽西州为禁止客户质押新本金的州之一，且尚未公布重新开放日期。
How the staking case began
质押案是如何开始的
The order traces to June 6, 2023, when the New Jersey bureau joined securities regulators in nine other states — Alabama, California, Illinois, Kentucky, Maryland, South Carolina, Vermont, Washington and Wisconsin — in a coordinated action against Coinbase’s staking program.
该命令可追溯至 2023 年 6 月 6 日，当时新泽西州与另外九个州的证券监管机构——阿拉巴马州、加利福尼亚州、伊利诺伊州、肯塔基州、马里兰州、南卡罗来纳州、佛蒙特州、华盛顿州和威斯康星州——联合采取行动，针对 Coinbase 的质押计划。
The states alleged the service amounted to an unregistered securities offering under state law.
这些州指控该服务构成违反州法的未注册证券发行。
California led the task force; its action covered more than 600,000 accounts. In July 2023, Coinbase agreed with California, New Jersey, South Carolina and Wisconsin to block customers in those states from staking new funds pending final adjudication. Maryland reached a similar agreement in October 2023.
加利福尼亚州领导了这次特别工作组；其行动涉及超过 60 万个账户。2023 年 7 月，Coinbase 同意与加利福尼亚州、新泽西州、南卡罗来纳州和威斯康星州合作，在最终裁决之前阻止这些州的客户质押新资金。马里兰州于 2023 年 10 月达成了类似协议。
Customers who had staked before the orders kept earning rewards, but could not add principal or compound the rewards they received.
在禁令发布前已经进行质押的客户继续获得收益，但无法追加本金或复利计算所获得的收益。
The state cases ran parallel to the SEC’s June 2023 lawsuit against Coinbase, which named staking among its claims. The SEC dismissed that case in February 2025. Alabama, Kentucky, Illinois, South Carolina and Vermont dismissed, vacated or withdrew their own actions in March and April 2025. New Jersey is the sixth of the original ten states to step back.
各州的诉讼与 SEC 于 2023 年 6 月对 Coinbase 提起的诉讼并行，其中也将质押列为指控之一。SEC 于 2025 年 2 月撤回了该案件。阿拉巴马州、肯塔基州、伊利诺伊州、南卡罗来纳州和佛蒙特州于 2025 年 3 月和 4 月撤销、废除或撤回了自己的行动。新泽西州是十个原始州中第六个退出的州。
What the withdrawal does and does not do
此次撤销意味着什么以及不意味着什么
Rescinding the order ends the restriction on new staking in New Jersey. It does not resolve the underlying legal question. The bureau made no finding on whether Coinbase’s staking program is a security, and the “without prejudice” language preserves its ability to file a new action. Coinbase’s own filing calls the state matters “preliminary” and says an adverse resolution “could have a material impact” on the business.
撤销该命令结束了新泽西州对新质押的限制。但这并未解决根本的法律问题。该局未对 Coinbase 的质押计划是否构成证券作出认定，且“不损害权利”（without prejudice）的措辞保留了其提起新诉讼的能力。Coinbase 自身的文件将州级事项称为“初步性的”，并表示不利裁决“可能对业务产生重大影响”。
The filing describes a planned rescission rather than a completed one, which explains the gap between Armstrong’s statement and the unchanged eligibility page. The change for New Jersey residents arrives when Coinbase updates its systems, not when the notice was signed.
该文件描述的是一项计划的撤销而非已完成的撤销，这解释了 Armstrong 的声明与未更改的资格页面之间的差异。新泽西州居民的变更将在 Coinbase 更新其系统时生效，而非在通知签署时生效。
Coinbase has framed the state restrictions as a competitive disadvantage. In an April 2025 post, the company’s Ryan VanGrack argued the orders singled out one provider while residents could stake through other platforms. Coinbase put forgone rewards across the four restricted states at more than $130 million as of October 2025.
Coinbase 将州级限制视为竞争劣势。在 2025 年 4 月的一篇帖子中，该公司的 Ryan VanGrack 认为，这些命令单独针对一家提供商，而居民可以通过其他平台进行质押。截至 2025 年 10 月，Coinbase 估计四个受限州的潜在收益损失超过 1.3 亿美元。
Four states remain. California, Maryland and Wisconsin continue to bar new staking on Coinbase while their cases proceed; Washington permits staking but is pursuing a $4 million fine. Coinbase estimates California residents have missed more than $89 million in rewards since 2023.
仍有四个州存在限制。加利福尼亚州、马里兰州和威斯康星州在其案件审理期间继续禁止在 Coinbase 上进行新质押；华盛顿州允许质押，但正在追讨 400 万美元的罚款。Coinbase 估计，自 2023 年以来，加州居民错过了超过 8900 万美元的收益。
The decision lands as federal policy has shifted but not settled. The SEC has withdrawn from the registration-based cases it brought in 2023, and the CLARITY market structure bill passed the House in 2025 but stalled in the Senate. State securities regulators are not bound by the SEC’s enforcement priorities, which is why the staking cases outlived the federal one by more than a year and a half.
这一决定出台之际，联邦政策发生了转变但尚未定局。SEC 已撤回了其在 2023 年提起的基于注册制的案件，CLARITY 市场结构法案于 2025 年在众议院通过，但在参议院陷入停滞。州证券监管机构不受 SEC 执法优先事项的约束，这就是为什么质押案件比联邦案件多持续了一年半以上的原因。
A future SEC, or a future bureau chief in Trenton, could revisit the question.
未来的 SEC 或特伦顿的未来局长可能会重新审视这一问题。
This post New Jersey Drops Coinbase Staking Order After Three Years first appeared on Bitcoin Magazine and is written by Micah Zimmerman.
本文《新泽西州在三年后撤销 Coinbase 质押令》最初发表于 Bitcoin Magazine，由 Micah Zimmerman 撰写。
更进一步：量化金融体系
看懂新闻只是起点——沿量化金融路径，把它变成能交付的工程能力