Coinbase Global (COIN) announced on Wednesday that residents of New York can now stake cryptocurrencies, including Ethereum (ETH), Solana (SOL), Cardano (ADA), and others, directly on its platform, following regulatory approval from state authorities.

The move restores access to staking services for millions of New Yorkers, marking a significant change in one of the country's most tightly regulated crypto markets. COIN's stock gained more than 2% in morning trade. On Stocktwits, however, retail sentiment around the crypto exchange dipped to 'bullish' from 'extremely bullish' amid 'high' levels of chatter over the past day.

Coinbase CEO Brian Armstrong welcomed the development, noting that New York's approval reflects a growing recognition that crypto staking is not a security. In a post on X, he suggested that other states, including California, Wisconsin, New Jersey, and Maryland, should reconsider their legal challenges and regulatory barriers, allowing residents to access staking services without unnecessary restrictions. 

“We estimate that residents in California, New Jersey, Maryland, and Wisconsin have collectively missed out on more than $130 million in staking rewards due to state-wide bans,” the company said in its blog post.

Get updates to this developing story directly on Stocktwits.

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