Source: Cointelegraph Original: "{title}"
After the U.S. Securities and Exchange Commission (SEC) withdrew its federal lawsuit against Coinbase, Oregon Attorney General Dan Rayfield plans to sue the cryptocurrency exchange, accusing the company of selling unregistered securities to state residents.
According to Coinbase Chief Legal Officer Paul Grewal, this lawsuit is a "copycat case" of the SEC's 2023 lawsuit against the exchange, which the federal agency agreed to withdraw in February. Grewal added:
"This lawsuit indicates that despite achieving several legal victories at the federal level, the cryptocurrency industry still faces regulatory hurdles and resistance at the state level. Resistance from state regulators could lead to a fragmented regulatory environment for cryptocurrencies in the U.S., complicating the establishment of a unified national policy."
After former Chairman Gary Gensler resigned in January, the SEC changed its stance on cryptocurrencies.
Gensler's departure triggered a wave of withdrawals of lawsuits, enforcement actions, and investigations against cryptocurrency companies, including Coinbase, Uniswap, and Kraken.
In the first quarter of this year, several U.S. states followed the SEC's lead and also withdrew lawsuits against Coinbase.
Vermont, as one of the ten U.S. states to sue the exchange, withdrew its lawsuit on March 13.
The legal order specifically noted that the SEC's shift in regulatory stance and the establishment of a cryptocurrency working group were reasons for the withdrawal of the lawsuit.
Two weeks after Vermont withdrew its lawsuit against the exchange giant, South Carolina also withdrew its lawsuit against Coinbase.
The Kentucky Department of Financial Institutions became the third state-level regulatory agency to withdraw its lawsuit against Coinbase, ending the litigation on March 26.
Despite the legal victories, Coinbase's Grewal urged the federal government to end the state-by-state approach to regulating cryptocurrencies and instead focus on establishing clear market structure policies at the federal level.
Related: Coinbase: The crypto market is in a bear market, may rebound in the third quarter.
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