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Coinbase is clapping back at Oregon’s new attorney general. Why? Because he’s coming after them with a lawsuit that smells a lot like déjà vu.
This whole thing started when Oregon AG Dan Rayfield accused Coinbase of selling unregistered securities. He says those crypto offerings are shady, risky, and prone to fraud. But Coinbase sees it differently.
The crypto exchange fired back on June 2, asking a federal judge to step in. They say Rayfield’s claims are a straight-up copy of a 2023 SEC lawsuit that already got tossed out. To them, this isn’t a new case — it’s a rerun.
According to Coinbase, the AG is trying to flex state power in a space that belongs to federal regulators. They’re not having it.
Paul Grewal, Coinbase’s legal eagle, jumped on X (formerly Twitter) and pointed out that Rayfield’s complaint dives into federal waters — like defining “investment contract.” That, he says, is federal court territory.
Coinbase also tried to have a sit-down with Rayfield before he filed. But apparently, he ghosted them.
Meanwhile, Rayfield claims he had to act because the SEC dropped the ball. After a change in leadership, crypto enforcement took a nosedive. So he says the states have to step in or watch crypto chaos unfold.
Funny twist? Other states like Kentucky and Vermont already dropped similar suits. But Oregon’s holding on like a pitbull with a bone.
Footnotes:
Investment contract: A legal term that decides whether something counts as a security (and needs SEC approval).
Unregistered securities: Investment offerings that aren’t officially approved, potentially risky and illegal if not disclosed properly.
