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Maryland hearing on staking highlights $9 million in missed rewards and clash over consumer protections
Summary
Supporters urged the Economic Matters Committee to clarify state law so Marylanders can access blockchain 'staking' services; industry witnesses cited an estimated $9 million in missed rewards, while securities regulators warned the bill could preempt investor protections and leave consumers without a regulator.
Delegate Adrien Baffo and backers of HB859 told the Economic Matters Committee on March 10 that Maryland law needs clear rules for staking services so residents can participate in blockchain networks and earn rewards. "By clarifying that staking as a service is not a security, this bill ensures that Maryland users can access these services and receive the rewards they are entitled to," sponsor Adrien Baffo said during the hearing.
Katie Anne, head of policy at Coinbase, said the company operates under multiple state and federal licenses and that 15% of Marylanders use crypto. "Maryland residents have missed out on more than $9…
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