Coinbase is throwing down the legal gauntlet, petitioning a federal court to take Oregon’s crypto lawsuit off the state’s hands, calling it a messy “regulatory land grab” that’s trampling federal efforts to clear up crypto rules.
The drama started when Oregon Attorney General Dan Rayfield sued Coinbase back in April, accusing it of selling unregistered securities. Coinbase fired back late Monday, arguing Oregon is trying to rewrite crypto laws on its own, conflicting with ongoing bipartisan federal work aimed at making sense of digital asset regulations.
The filing doesn’t mince words:
“Oregon’s Attorney General is trying to dictate the future of crypto and the nationwide platforms on which they trade — all because he’s unhappy with recent federal enforcement decisions.”
Coinbase also points out that the Securities and Exchange Commission (SEC) already dropped its enforcement action against them in February, weeks after President Trump’s inauguration, around the same time Coinbase donated $1 million to Trump’s inaugural committee (money talks).
Ryan VanGrack, Coinbase’s VP of Legal, called Oregon’s lawsuit “a rogue attempt to revive a dismissed SEC case” and slammed it as an attack on regulatory clarity and consumer choice in crypto.
Oh, and here’s a kicker: Coinbase says Oregon’s Attorney General might not even have the legal muscle to file this lawsuit. Normally, Oregon’s Division of Financial Regulation handles securities, not the Attorney General. Yet Rayfield’s trying to stretch his powers to become “crypto commissar” for Oregon and beyond.
Not a Red vs. Blue Showdown - Just Oregon Doing Its Own Thing
VanGrack insists this isn’t a simple red vs. blue state feud. Crypto regulation is turning bipartisan, with states across the spectrum, like Vermont (blue), Kentucky (red but with a Democratic governor), and Illinois (blue), dropping similar crypto lawsuits.
So what’s Oregon’s deal? VanGrack says it’s less about politics and more about grabbing headlines at the state’s expense, calling the motivations “transparent” and “not about helping Oregonians.”
Coinbase isn’t pulling out anytime soon.
“We’re not pulling out of Oregon unless forced,” VanGrack said. “We’re ready to fight because what Oregon did is just plain wrong.”
Jordan V.
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