- Coinbase sues Oregon over hidden crypto policy change and secrecy.
- Lawsuit targets sudden shift in state’s digital asset regulation approach.
- Exchange demands public records exposing reason behind Oregon’s legal move.
Coinbase has taken legal action against top Oregon officials, claiming the state made a quiet but drastic shift in its cryptocurrency policy. The lawsuit targets Governor Tina Kotek and Attorney General Dan Rayfield for allegedly reversing their stance on digital assets without any public process.
For years, Coinbase says Oregon clearly stated that digital currencies like Bitcoin were not subject to state regulations. Nonetheless, in April, the Attorney General filed a lawsuit against Coinbase, arguing that it was fraudulently selling unregistered crypto products to state residents.
The company claimed that this new policy change did not involve hearings or formal announcements. Coinbase claims that such a lack of transparency contravenes the rules of governance and decision-making.
Currently in court, the exchange seeks access to public records to uncover why the state reversed its initial stance. There was also a concern over the participation of the state-contracted, private law firms, which may receive up to 30 percent of the financial recovery.
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Legal Fight Intensifies Amid Push for National Crypto Rules
Paul Grewal, Coinbase’s chief legal officer, said the state’s legal strategy echoes arguments that the SEC has already abandoned. He described the lawsuit as meritless and politically motivated.
Coinbase Vice President of Litigation Ryan VanGrack was equally critical about the move, stating that it has a detrimental impact on Oregon residents and promotes legal firms out of the state. He pointed out that only Oregon is taking action against Coinbase, and this is in spite of any changes to federal law.
The company also feels that the suit by the state of Oregon usurps state power, as bipartisan actions persist in Washington to establish explicit national precedents. The Clarity Act and GENIUS Act are legislation that Congress is likely to vote on soon and are supposed to provide more effective regulation of the crypto industry.
Insisting on transparency and accountability, Coinbase demands that the world know why Oregon suddenly switched sides in this legal suit.
Conclusion
Coinbase is challenging Oregon’s surprise policy reversal, demanding documents that could explain the unexpected crackdown on crypto activity. The company continues to fight for public clarity and consistent regulation.
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