Coinbase has requested a U.S. federal judge to hear a lawsuit filed by the Oregon Attorney General, claiming it replicates a previous lawsuit by the U.S. Securities and Exchange Commission (SEC) and should fall under federal court jurisdiction.
In a motion submitted to the Portland federal court on June 2, Coinbase stated that the lawsuit filed by Oregon Attorney General Dan Rayfield in April—accusing the company of selling unregistered securities to residents of the state—exceeds his authority and is an "attempt to infringe upon federal legal jurisdiction."
The cryptocurrency exchange indicated that Rayfield's lawsuit is a "copycat case" of the SEC's 2023 action against the company, in which the SEC accused it of selling unregistered securities. The SEC agreed to dismiss this case in February, one of many cryptocurrency cases abandoned by the SEC under the Trump administration.
"Due to dissatisfaction with recent federal enforcement decisions, Oregon's new Attorney General has set out to determine the future of digital assets and their trading platforms on his own terms, timing, and location," Coinbase stated in the filing.
When filing the lawsuit, Rayfield stated that he sued Coinbase because the exchange "sells high-risk investments without proper scrutiny to protect consumers," and claimed that the so-called unregistered securities it sells "are susceptible to pump-and-dump schemes and fraud."
In the motion, Coinbase mentioned that after Rayfield notified the company of his intention to sue within 48 hours, Coinbase attempted to meet with him, but Rayfield declined.
Coinbase's Chief Legal Officer Paul Grewal stated in a post on the X platform on June 3, "Oregon's claims raise fundamental federal questions, such as the meaning of 'investment contracts'," adding that this should be resolved by a federal court.
Rayfield indicated that his complaint against Coinbase was filed after the SEC dismissed its case against the exchange, following the agency's reassignment of its chief cryptocurrency litigation attorney to the IT department after Trump took office.
He stated that states "must fill the vacuum left by federal regulators who have abandoned enforcement, as these agencies are dropping and discarding these important cases under new government leadership."
In recent months, several states in the U.S. have dropped lawsuits against Coinbase, with Kentucky being the third state to abandon legal action against the exchange, following Vermont and South Carolina.
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Original: “Coinbase seeks to transfer Oregon 'copycat' securities lawsuit to federal court”
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