A new state-level legal challenge has emerged for Coinbase, as Oregon’s Attorney General initiated a lawsuit that closely mirrors a prior federal case against the cryptocurrency exchange.
This action brings the prominent crypto platform back into a familiar dispute concerning securities regulations, focusing on whether certain digital assets require registration.
The lawsuit alleges that Coinbase operated as an unregistered securities marketplace and offered staking services without proper clearance, echoing the Securities and Exchange Commission’s (SEC) lawsuit from June 2023.
Notably, this state lawsuit follows the SEC’s decision to dismiss its federal case against Coinbase in February 2025. Coinbase’s Chief Legal Officer, Paul Grewal, publicly criticized Oregon’s move, labeling it a “copycat” action.
Grewal argued that the state is pursuing arguments previously abandoned by federal regulators and suggested such actions could undermine bipartisan efforts in Congress aiming to establish clear federal rules for digital assets.
The SEC’s withdrawal from its case was seen by many as signaling a potential shift under the Trump administration towards creating a more defined regulatory framework for the blockchain industry, rather than relying heavily on enforcement actions.
Acting SEC Chair Mark Uyeda had announced a Crypto Task Force focused on developing clearer guidelines, diverging from the previous administration’s approach.
Despite the federal shift, Oregon’s decision highlights the ongoing complexities and potential conflicts between state and federal oversight within the U.S. crypto landscape.
Coinbase asserts its operations adhere to current laws and has stated its intention to vigorously defend against the Oregon lawsuit, maintaining that most crypto tokens should not be classified as securities. This case underscores the persistent regulatory uncertainty facing the digital asset sector.