Oregon AG Takes Over SEC’s Case Against Coinbase: Legal Battle Over Crypto Classification Intensifies

Oregon Attorney General Dan Rayfield has reignited the legal confrontation between regulators and Coinbase, filing a securities enforcement action that challenges the exchange’s stance on crypto asset classification. The move follows former SEC Chair Gary Gensler’s earlier allegations, setting the stage for a pivotal clash over whether digital assets qualify as securities under U.S. law.

Oregon’s Attorney General Revives Gary Gensler’s Case Against Coinbase: What Next?

Oregon Attorney General Dan Rayfield, affiliated with the Democratic Party, filed a securities enforcement action against Coinbase Global Inc. (NASDAQ: COIN) on Friday, April 18. Rayfield will be picking up from where former SEC Chair Gary Gensler left off in asserting that Coinbase has operated an unregistered securities exchange. Coinbase has maintained that crypto assets are digital commodities, not securities. Meanwhile, the Donald Trump administration has been working with Congress to enact bipartisan clear crypto regulations. The U.S. SEC under Paul Atkins has been dropping crypto cases to await clear directions from Congress.

Coinbase Sounds Alarm Against Oregon ’Copycat’ Securities Lawsuit

Coinbase is pushing back against a fresh legal challenge from Oregon Attorney General Dan Rayfield, according to an April 18 statement. Paul Grewal, Coinbase’s chief legal officer, called it a “copycat case” that mimics the US Securities and Exchange Commission’s (SEC) now-dismissed lawsuit against the exchange. Grewal criticized the state’s attempt to revive legal arguments already abandoned by federal regulators earlier this year, stating that these arguments are years out of date and defy public opinion, technological progress, and good governance.