So, Oregon’s Attorney General, Dan Rayfield, decided to crash Coinbaseâs partyâbecause apparently, saying âcryptoâ doesnât 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
Rayfieldâs 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.
âInvesting in crypto isnât a game of roulette you just walk into blindfolded,â Rayfield quips, reminding us that some heads should rollâor at least take some responsibility.
These âunregistered 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 seriesâouch.
And this lawsuitâs coming hot on the heels of the SECâs own shrug and exit from the scene, leaving Oregon to clean up what the federal big kids wonât touch.
Coinbaseâs Clapback
Paul Grewal, Coinbaseâs Chief Legal Officer, took to X (still Twitter in our hearts) to throw shade back. He called the Oregon lawsuit a âcopycatâ move after the SEC already tossed their caseâbasically, dĂ©jĂ vu legal drama.
Grewal insists itâs more political theater than justice, blaming âlaw firms with dollar signs in their eyesâ for this whole hoopla. Plus, supposedly some court rules and facts got conveniently âforgottenâ by Oregonâs team.
Bottom line from Coinbase: theyâre strutting into battle, confident AF, and Oregon users can carry on buying and selling like nothingâs up. Business as usual, or as usual as crypto getsâchaotic and unpredictable.
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2025-04-19 17:43