Oregon's Attorney General Takes a Swing at Coinbase, Echoing SEC's Ditched Lawsuit

Buckle up, crypto fans! The Oregon Attorney General just threw a legal punch at Coinbase, and it's like déjà vu all over again. This move is straight out of the SEC's playbook from 2023, but with a state-level twist.

Just like the SEC's old beef, Oregon's lawsuit claims Coinbase was running wild as an unregistered securities platform and dishing out staking services without the proper paperwork. Coinbase is in the hot seat once more.

This state-level drama kicked off right after the SEC dropped its federal lawsuit against Coinbase back in February 2025. Talk about timing!

Today, Oregon's Attorney General is digging up the past, reviving a case that's eerily similar to the SEC's old enforcement action against Coinbase. And get this—the SEC tossed that case out with prejudice. Coinbase's Chief Legal Officer, Paul Grewal, is calling this move a total waste of Oregon taxpayers' cash and political gamesmanship at its finest.

The SEC's original case, launched in June 2023, accused Coinbase of letting folks trade at least 13 crypto tokens they labeled as unregistered securities and running an unregistered staking program. It was a wild ride.

The dismissal of the SEC's case was a game-changer, signaling a new era under the Trump administration. They're all about crafting a clearer, more collaborative framework for digital assets. It's a whole new ballgame.

A 'copycat' lawsuit

Coinbase's Chief Legal Officer, Paul Grewal, isn't holding back. He's slamming Oregon's lawsuit as a blatant "copycat" of the SEC's old move, rehashing arguments the feds already tossed out the window.

Grewal's fired up, saying these state-level antics could throw a wrench in the bipartisan efforts in Congress to nail down some solid federal rules for digital assets. It's a high-stakes game of regulatory chess.

The SEC's decision to drop its case against Coinbase was part of a bigger rethink on how to handle crypto enforcement. They're shifting gears, big time.

Acting SEC Chair Mark Uyeda just announced they're setting up a Crypto Task Force to lay down some clear regulatory guidelines. They're moving away from the old-school enforcement vibe and aiming for something more constructive.

Even with the feds changing course, Oregon's lawsuit shows just how messy crypto regulation can get in the U.S. State and federal rules can clash, and it's a wild ride. Coinbase isn't backing down—they're ready to fight this lawsuit tooth and nail, insisting their operations are legit and that most digital assets shouldn't be slapped with the securities label.