Oregon Attorney General Dan Rayfield plans to file a securities enforcement action against Coinbase, as announced on Friday by Coinbase Chief Legal Officer Paul Grewal. This action mirrors federal charges dropped earlier this year. The lawsuit revives debates over crypto regulation amidst a changing federal landscape.
The U.S. Securities and Exchange Commission (SEC) dropped its case against Coinbase in February, after initially charging the exchange in 2023 with unregistered operations. The SEC's shift follows President Trump's taking office, contrasting with the Biden administration's stance. The current SEC has dropped investigations into firms like OpenSea and Kraken.
According to Grewal's Friday blog post, Oregon's action obstructs progress, while bipartisan efforts in Washington aim to regulate crypto. Lawmakers are advancing bills to regulate stablecoins, with Trump seeking legislation by August. Grewal argues that Oregon is preempting federal regulation of a global industry.