Coinbase Under Fire: Drama, Dropouts & Lawyers Loving the Chaos đŸ˜±đŸ’ž

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So, Oregon’s Attorney General, Dan Rayfield, decided to crash Coinbase’s party—because apparently, saying “crypto” doesn’t make you exempt from the law.

The lawsuit, served fresh in Multnomah County Circuit Court, accuses Coinbase of selling unregistered cryptocurrencies like candy to unsuspecting Oregon wallets, leaving investors with more zeros lost than gained.

Allegations Of Misconduct

Rayfield’s basically shouting, “Hey Coinbase, people trusted you, and you let them down harder than my last Tinder date.” His beef? They pushed sketchy, unvetted investments onto Oregon folks without a care.

The claim? Coinbase was acting like a slick operator, helping move these unregistered digital doodads around, hyping them up, and generally ignoring every rule in the regulatory handbook.

“Investing in crypto isn’t a game of roulette you just walk into blindfolded,” Rayfield quips, reminding us that some heads should roll—or at least take some responsibility.

These “unregistered securities,” as the complaint calls them, are basically magnets for scams: pump-and-dump nightmares and frauds galore.

Remember the Internet Computer Protocol (ICP)? The SEC called it out as an unregistered security. Its price went from a Gucci-level $700 down to dusty $7 in roughly the time it takes to binge a Netflix series—ouch.

And this lawsuit’s coming hot on the heels of the SEC’s own shrug and exit from the scene, leaving Oregon to clean up what the federal big kids won’t touch.

Coinbase’s Clapback

Paul Grewal, Coinbase’s Chief Legal Officer, took to X (still Twitter in our hearts) to throw shade back. He called the Oregon lawsuit a “copycat” move after the SEC already tossed their case—basically, dĂ©jĂ  vu legal drama.

Grewal insists it’s more political theater than justice, blaming “law firms with dollar signs in their eyes” for this whole hoopla. Plus, supposedly some court rules and facts got conveniently “forgotten” by Oregon’s team.

Bottom line from Coinbase: they’re strutting into battle, confident AF, and Oregon users can carry on buying and selling like nothing’s up. Business as usual, or as usual as crypto gets—chaotic and unpredictable.

Crypto drama chart

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2025-04-19 17:43