Coinbase (COIN) is a federal court of taking over jurisdiction for Oregon’s trial that accuses it of having sold unregistered securities, arguing that the state is incorrectly disturbing the federal efforts to clarify digital asset rules.
In an archiving late Monday night, Coinbase claimed that Oregon Attorney General Dan Rayfield’s trial, which it began in April over alleged trade in unregistered securities, represents an overreaction and seeks to establish a patchwork regulation landscape that conflicts with the ongoing Bipartisan efforts at federal level.
“This lawsuit is a regulatory land grip,” the archiving reads. “Dissatisfied with Federal Government’s recent enforcement decisions, Oregon’s new legal lawyer has tried to dictate the future of crypto and the nationwide platforms they are dealing with.”
Coinbase also claims that Oregon’s lawsuit ignores the recent Bipartisan federal efforts to clarify crypto regulations, incorrectly attempts to create independent state -level supervision of digital active platforms and incorrectly revive claims previously rejected by federal regulators.
Securities and Exchange Commission (SEC) fell its enforcement measure against Coinbase in February, weeks after the inauguration of President Donald Trump. The exchange gave a $ 1 million donation to Trump’s initial committee.
“What you have here is Oregon and only Oregon trying to revive the SEC case that was rejected with prejudice,” said Ryan Vangrack, Coinbase Vice President of Legal in an interview.
“A lonely legal lawyer is trying to inhibit legislative clarity and hinder consumers’ freedom to choose when and how they invest in crypto,” Vangrack said.
Coinbase points out in the filing that the State Lawyer may not even have the authority to file the case.
“Oregon-based securities transactions are generally regulated by the financial regulation department, not the lawyer,” Coinbase wrote. “The legal attorney nevertheless tries to stretch his limited enforcement authority beyond the breaking point to install himself as commissioner for crypto for oregon and beyond.”
In an interview, Vangrack explicitly rejected the idea that Oregon’s trial is simply a partisan problem.
Instead of framing it as a straightforward “Red State vs. Blue State” conflict, he emphasized a more nuanced approach that emphasized how states of different political inclinations have fallen or not pursued similar actions.
“Crypto has become more bipartisan, and we have other state lawsuits where red states and blue states have rejected their actions,” he said, highlighting Vermont, a traditional democratic state as well as Kentucky, considered politically “red,” but led by a democratic governor and illinois, typically seen as a blue state that all rejected crap.
“It’s less about red or blue; that’s that there are a couple of teams,” Vangrack said, stressing that crypto regulation and clarity have increasingly become the top species’ goals federal.
He suggested that Oregon’s action is an outlier driven not necessarily by party policy, but by the specific motivations of his legal lawyer.
“The motivations for this trial are transparent,” concluded Vangrack. “It’s not about the law and it’s not about a desire to help Oregonians. It’s about the policy. It’s an effort to get headlines at Oregon’s expense.”
Coinbase has promised to vigorously defend its attitude and clearly states that it does not intend to voluntarily leave Oregon’s market.
“We do not pull out of the state unless we are obliged to,” Vangrack confirmed. “We will fight for what Oregon has done is wrong.”
