Last Friday, Coinbase announced the suspension of retail staking services in four states – New Jersey, California, South Carolina and Wisconsin. In its research report, Germany-headquartered private bank Berenberg cautioned investors that the worst isn't yet behind, drawing attention to more regulatory challenges the exchange could face. The bank's analysts specifically highlighted the Coinbase Earn product, through which the exchange offers retailers staking services, as an easy target for the securities market watchdog.