tl;dr
Coinbase is opposing a new lawsuit filed by Oregon Attorney General Dan Rayfield, which Coinbase calls a "copycat case" mirroring the SEC’s dismissed lawsuit against the exchange. Paul Grewal, Coinbase’s chief legal officer, criticized Oregon's lawsuit as outdated, meritless, and politically motivat...
Coinbase has strongly opposed a recent lawsuit filed by Oregon Attorney General Dan Rayfield, labeling it a baseless "copycat case" that duplicates the dismissed lawsuit brought by the US Securities and Exchange Commission (SEC) against the exchange. Paul Grewal, Coinbase’s chief legal officer, criticized Oregon's actions as outdated, lacking merit, and politically driven, warning that such legal challenges hinder progress toward bipartisan federal regulation of digital assets.
Grewal highlighted that the Oregon lawsuit revives arguments abandoned by the SEC earlier this year and called it contrary to public opinion, technological advancements, and effective governance. He warned that the case distracts from the ongoing momentum in Congress to establish a clear federal framework for cryptocurrencies, potentially delaying much-needed regulatory clarity.
Despite recent federal victories and several other states like Vermont, Kentucky, and South Carolina dropping similar cases, Oregon’s lawsuit persists. Coinbase condemned Oregon’s efforts as obstructionist and out of step with a broader push toward balanced crypto regulation. The company made clear its commitment to protecting its customers and the crypto industry, stating it will fight the lawsuit vigorously and maintain regular operations in Oregon.
Coinbase’s stance underscores ongoing tension between crypto firms and state regulators amid a pivotal moment for digital asset legislation. The exchange reassured customers that it remains steadfast in defending their interests and advancing the industry's growth despite legal hurdles.