Coinbase asked a US Federal Judge to listen to a lawsuit from the Oregon’s general lawyer, claiming that it was a copy of an earlier lawsuit by the Securities and Exchange Commission belonging to the federal court.
On a June 2 movement Filed in a Federal Portland court, Coinbase claimed Oregon Attorney General Dan Rayfield’s April suits accused of firm of the sale of unregistered security to state residents has exceeded its authority and a “attempt to attack the province of federal law.”
The Crypto Exchange said Rayfield’s suit was a “copycat case” of the 2023 SEC lawsuit against the firm saying it was selling unregistered security. The Sec agreed to fall The case in February, one of the many crypto cases abandoned under the Trump administration.
“Not satisfied with the recent federal government decisions, Oregon’s new lawyer has set to dictate the future of digital possessions and platforms across the country where they exchanged – in his chosen terms, timing, and turf,” Coinbase wrote.
Rayfield Says At the time of his lawsuit he filed the Coinbase because the exchange was “selling high risk investments without being properly vetted to protect consumers” and that the so-registered security it sells are “vulnerable to pump-and-dump schemes and fraud.”
In the movement, Coinbase said he tried to meet with Rayfield after he informed the company that he had planned to exchange for 48 hours, but Rayfield refused.
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The head of legal Coinbase officer Paul Grewal, said on a June 3 x x Post That “Oregon’s claims raised the initial federal issues such as the ‘investment contract’ contract, ‘” he added should be resolved by a federal court.
“States must fill in the implementation vacuum”
Rayfield said his complaint against the Coinbase arrived after the SEC dropped its case against the exchange and the agency re -appointed the leading crypto litigator at the agency’s IT desk after Donald Trump entered the White House.
He said the states would “must fill the vacuum of implementation left by federal regulators who surrendered under the new administration and abandoned important cases.”
In recent months, many US states have collapsed their suits against Coinbase, with Kentucky being third stateFollowing Vermont and South Carolina, to leave legal action against the exchange.
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