The Oregon Attorney General filed a lawsuit against Coinbase that echoes the SEC’s lawsuit from 2023.
The lawsuit, just like the SEC’s prior suit, alleges that the cryptocurrency exchange operated as an unregistered securities platform and offered staking services without appropriate registration, according to Coinbase.
This state-level action comes shortly after the U.S. Securities and Exchange Commission dismissed its federal lawsuit against Coinbase in February 2025.
The SEC’s case, initiated in June 2023, accused Coinbase of facilitating the trading of at least 13 crypto tokens deemed unregistered securities and operating an unregistered staking program.
The dismissal marked a shift in federal regulatory approach under the Trump administration, which has expressed intentions to develop a more transparent and collaborative framework for digital assets.
A ‘copycat’ lawsuit
Coinbase’s Chief Legal Officer, Paul Grewal, criticized Oregon’s lawsuit as a “copycat” of the SEC’s previous action, asserting that it recycles arguments the federal agency has already abandoned.
Grewal emphasized that such state-level actions could hinder ongoing bipartisan efforts in Congress to establish comprehensive federal legislation for digital assets.
The SEC’s earlier dismissal of its case against Coinbase was part of a broader reevaluation of its enforcement strategies concerning cryptocurrencies.
Acting SEC Chair Mark Uyeda announced the formation of a Crypto Task Force aimed at developing clear regulatory guidelines, moving away from the previous administration’s enforcement-centric approach.
Despite the federal shift, Oregon’s lawsuit underscores the complexities of crypto regulation in the United States, where state and federal jurisdictions can diverge. Coinbase has pledged to contest the lawsuit vigorously, maintaining that its operations comply with existing laws and that the majority of digital assets should not be classified as securities.
