Oregon Attorney General Dan Rayfield is preparing legal action against cryptocurrency exchange Coinbase
He is alleging the platform sold unregistered securities to state residents. This comes shortly after the U.S. Securities and Exchange Commission (SEC) dropped its federal case against the company.
Coinbase’s Chief Legal Officer Paul Grewal criticized the move, calling it a “copycat case” that mirrors the SEC’s 2023 lawsuit. “They are literally picking up where the Gary Gensler SEC left off — seriously,” he said. “This is exactly the opposite of what Americans should be focused on right now.”
Today the Oregon Attorney General is resurrecting the dead by bringing a copycat case of @SECGov‘s enforcement action against Coinbase. As a reminder, the SEC dismissed that case with prejudice. This type of political jockeying is an embarrassing waste of Oregon taxpayer…
— paulgrewal.eth (@iampaulgrewal) April 18, 2025
Fragmented Regulation Poses Ongoing Threat
The new lawsuit highlights the crypto industry’s ongoing struggle with regulatory uncertainty in the U.S. While Coinbase and other platforms have recently seen some legal wins on the federal level, state-level action could complicate efforts to form a unified national regulatory framework.
Analysts warn that aggressive moves by individual states could lead to a fractured system, making it harder for Web3 companies to operate across jurisdictions. The Coinbase case in Oregon could set a precedent for similar lawsuits elsewhere.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/state-vs-crypto-oregon-ag-sues-coinbase-over-token-sales/