Oregon targets Coinbase after SEC drops its federal lawsuit
Oregon Attorney General Dan Rayfield plans to sue Coinbase, alleging the sale of unregistered securities to state residents, following the SEC's decision to drop its federal case against the exchange. Coinbase's chief legal officer, Paul Grewal, described the lawsuit as a "copycat case" of the SEC's earlier actions. This development highlights ongoing regulatory challenges for the crypto industry at the state level, despite recent federal legal victories. Several states, including Vermont, South Carolina, and Kentucky, have recently dropped lawsuits against Coinbase after the SEC's regulatory shift under former chairman Gary Gensler. Grewal urged the federal government to establish a unified regulatory framework for cryptocurrencies instead of a fragmented state-by-state approach.
