Coinbase Faces 'Copycat' Securities Lawsuit in Oregon After Dodging Gensler's SEC
Oregon has filed a lawsuit against Coinbase, alleging violations of state securities law by promoting cryptocurrencies as unregistered securities. The state's attorney general claims Coinbase profited significantly while Oregonians suffered losses in a challenging market. The lawsuit follows a period of reduced federal enforcement against Coinbase, as the SEC previously dropped its own case against the exchange. Coinbase's Chief Legal Officer criticized the Oregon lawsuit as a misguided attempt at regulation by enforcement, asserting it is meritless and vowing to contest it vigorously. The regulatory environment for the crypto industry has shifted since the Biden Administration, with increased scrutiny under former SEC Chair Gary Gensler, but has improved following the election of President Trump, who supports the industry. The SEC has since established a crypto task force to clarify regulations in the sector.
