Coinbase Sued by Oregon for Unregistered Securities Sales
On April 18, 2025, Oregon Attorney General Dan Rayfield filed a lawsuit against Coinbase.
The lawsuit alleges that Coinbase allegedly “sold unregistered securities” to state residents.
According to information we cite from Beincrypto, this lawsuit was filed after the SEC dismissed its federal case against Coinbase in late February 2025.
Coinbase’s “Copycat” Allegations
Paul Grewal, Coinbase’s Chief Legal Officer, criticized Oregon’s lawsuit as a “copycat case”—repeating the same allegations previously filed by the SEC.
He viewed Oregon’s actions as a departure from the “Gary Gensler-era” agenda and asserted that the state brought nothing new to the legal table.
Criticism of Political Motives and Ignoring Regulatory Developments
Coinbase criticized Oregon’s approach as politically motivated and ignoring important changes in the legal landscape and public opinion.
Grewal accused the state of trying to “resurrect” allegations that the SEC had already firmly rejected.
Impact on the Crypto Regulatory Landscape
Despite Coinbase’s victory at the federal level, the lawsuit raises new concerns about regulatory fragmentation in the United States.
Experts point out that individual interpretations in each state will create legal uncertainty for exchanges and token issuers like XRP.
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Coinbase Files to Move to Federal Court
As a strategic move, Coinbase filed a request to move the case to federal court in Portland.
The company argues that legal issues such as the definition of an “investment contract” should be the domain of federal law, not state law.
Broader Context: Wave of State Lawsuit Dismissals
The past few weeks have shown an interesting trend: several states, such as Vermont (March 13), South Carolina, and Kentucky (March 26), have dropped similar lawsuits against Coinbase, following the SEC’s shift in stance following the leadership change.
Conclusion: Ongoing Challenges for the Crypto Industry
The Oregon lawsuit opens a new chapter in the tensions between states and regulators in the US. Legal fragmentation further complicates the operational landscape for platforms like Coinbase.
This debate is an important indicator that even though federal regulations demonstrate a serious commitment to clarity, states can still undermine the process through independent enforcement.
