Illinois may put a button in its complaint against Coinbase over the bank’s holding companies, a spokeswoman for Secretary of State, Alexi Giannoulias, said Thursday.
” The company intends to lose the Coinbase lawsuit”, Giannoulias ‘ director told crypto media outlet Coinbase. No timeframe for the departure was provided.
The choice makes Illinois the third state to leave dispute over the past month.
Vermont was the first position to reject its petition on March 13, followed by South Carolina on March 27, with Kentucky processing on March 31.
The state-level resorts follow the Securities and Exchange Commission’s February decision to drop its own provincial complaint against Coinbase, signaling a broader regulation shift in crypto supervision under the Trump administration.
All ten condition lawsuits were filed in June 2023 and were mostly based on the SEC complaint, which alleged Coinbase violated securities laws through its holding software that allowed bitcoin holders to earn rewards by locking up online assets.
Officials claimed these services constituted unregulated stocks offerings. The ten state followed.
Illinois ‘ departure is especially important as the state together advances a Crypto strategic reserve bill, proposing to create a dedicated fund to maintain Bitcoin as a fiscal asset for at least five years.
Four over, six to get
Thus far, six claims have not made any changes or taken any action to remove their complaints against the change: Alabama, California, Maryland, New Jersey, Washington, and Wisconsin.
Representatives from New Jersey and Washington confirmed their circumstances remain effective, according to the original document. However, the four different remaining states have made no public declaration on pending dispute.
has reached out to the state of Alabama, California, Maryland, and Wisconsin to verify.
Bitcoin has consistently claimed to argue for clearer national rules rather than state-by-state enforcement.
Following earlier rejections, Coinbase Chief Legal Officer Paul Grewal urged Congress to “end this litigation-driven, state-by-state view with a national market construction law”.
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