On June 6, 2023, the Alabama Securities Commission issued a show-cause order against Coinbase Global, Inc. and Coinbase, Inc., alleging the company violated securities law by offering its staking rewards program to Alabama residents without proper registration. Alabama was one of ten states that brought coordinated enforcement actions against Coinbase over staking at that time; the others included California, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Vermont, Washington, and Wisconsin.
This action was taken while Marshall served as a commissioner on the ASC.