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Coinbase added a new section to its User Agreement describing Third-Party Liquid Staking Tokens (LSTs) and how they operate when held in a Coinbase account. The updated terms explain that Third-Party LSTs represent entitlements to underlying staked assets plus rewards, that they are minted and controlled by third-party protocols rather than Coinbase, and that holding them entitles users to the economic value and risks of the underlying staked asset. This establishes explicit contractual terms governing how Coinbase treats these tokens differently from its own cbETH product.
The updated terms establish explicit contractual language governing how Coinbase treats third-party liquid staking tokens when held in accounts. The revised agreement states that Third-Party LSTs represent entitlements to underlying staked assets and accrued rewards, that they are minted and controlled by third-party protocols (not Coinbase), and that by holding these tokens users remain entitled to the economic value, risk, and rewards of the underlying staked asset. This clarification distinguishes LSTs from Coinbase's own cbETH product and explicitly limits Coinbase's custodial responsibilities. No specific user action is required.
The updated terms formally establish Coinbase's contractual position that it is not the custodian of underlying assets backing third-party LSTs and does not control the tokens themselves. This clarification reduces ambiguity about Coinbase's liability and custody obligations for LST holdings, aligning contractual language with the technical reality that LSTs are governed by third-party protocols.
Establishes that Third-Party LSTs are minted and controlled by third parties, that Coinbase does not hold or control underlying assets, and that this section applies to all LSTs held in accounts regardless of origin.
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This change record describes what was added, removed, or modified in the document. Analysis reflects what the updated agreement states or permits. It does not constitute a legal determination about enforceability. Applicability may vary by jurisdiction. Methodology
Coinbase formalized contractual treatment of third-party liquid staking tokens in its User Agreement. The addition clarifies Coinbase's legal posture regarding custody, control, and liability for LSTs held in customer accounts. By explicitly stating that Coinbase does not hold or control underlying assets and does not mint the LSTs, the company may be seeking to limit its regulatory exposure and custodial liability for assets minted and governed by third-party protocols. Compliance teams should verify whether this clarification aligns with existing customer communications and regulatory expectations around staking service offerings.
Regulatory exposure, obligation analysis, escalation trigger, board language, and recommended action.
ConductAtlas provides verified policy intelligence sourced directly from platform documents. All analysis is intended to support, not replace, legal and compliance review. Record CA-C-002761.
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