Coinbase Challenges Oregon Officials Over Alleged Secretive Crypto Policy Reversal

Coinbase has taken legal action against Oregon state officials, accusing them of covertly altering the state's cryptocurrency classification from commodities to securities without public consultation. The lawsuit highlights concerns over procedural bypasses and lack of transparency in regulatory shifts impacting digital assets.

Coinbase Sues Oregon Officials Over Secretive Crypto Policy Shift

Coinbase has filed a lawsuit against Oregon state officials, alleging they secretly reversed the state's stance on digital assets without public input. The exchange claims the policy shift—from treating cryptocurrencies like commodities to classifying them as securities—bypassed mandatory rulemaking procedures.

Chief Legal Officer Paul Grewal accused Governor Tina Kotek and Attorney General Dan Rayfield of making the change behind closed doors. "They flip-flopped without hearings, rulemaking, or public comment," Grewal stated. The lawsuit seeks disclosure of withheld public records related to the decision.

The abrupt reclassification in April 2025 came despite Oregon having no formal crypto regulations. Coinbase warns the move could inadvertently criminalize ordinary users while denying industry stakeholders their right to participate in the policymaking process.

Bitcoin Rally Sparks Mixed Reactions in Crypto Stocks

Bitcoin's surge to a record high elicited divergent responses across crypto-related equities, with some companies riding the wave while others bucked the trend. The cryptocurrency breached $117,700, marking a 5.78% daily gain, as institutional players and Bitcoin-heavy firms saw notable upticks.

MicroStrategy (MSTR), the corporate Bitcoin whale, climbed 3.2%, while Galaxy Digital (GLXY) advanced 4% on strengthened institutional crypto services. Japanese and European firms emulating MicroStrategy's treasury strategy—Metplanet (3350) and The Blockchain Group (ALTBG)—gained 2.9% and 9.3% respectively.

Miners largely benefited from Bitcoin's appreciation, with Marathon Digital (MARA) and Hive Blockchain (HIVE) rising 3.2% and 2.1%. Yet not all participants shared the optimism—Coinbase (COIN) dipped 1.6%, and stablecoin issuer Circle (CRCL) plunged 7% despite trading sixfold above its recent IPO price.

Coinbase Acquires Opyn Leadership Team to Bolster Derivatives Expertise

Coinbase has executed a strategic lift-out acquisition, bringing onboard the core leadership of crypto derivatives platform Opyn Markets. The MOVE positions the exchange to expand its derivatives offerings, particularly in perpetual options—a fast-growing segment of crypto derivatives markets.

Andrew Leon, Opyn's CEO, and Joseph Clark, Head of Research, will join Coinbase's derivatives division. Their expertise in perpetual options—derivative instruments without expiration dates—could help Coinbase compete more aggressively in the lucrative crypto derivatives space currently dominated by offshore exchanges.