Coinbase sounds alarm against potential Oregon 'copycat' securities lawsuit

Coinbase is pushing back against a fresh legal challenge from Oregon Attorney General Dan Rayfield, according to an April 18 statement.

In a post on social media platform X, Paul Grewal, Coinbase’s chief legal officer, called it a “copycat case” that mimics the US Securities and Exchange Commission’s (SEC) now-dismissed lawsuit against the exchange.

According to him:

“The AG’s office made it clear to us that they are literally picking up where the Gary Gensler SEC left off.”

Coinbase slams Oregon

Grewal criticized the state’s attempt to revive legal arguments already abandoned by federal regulators earlier this year.

He said:

“These hand-me-down arguments are years out of date and defy public opinion, technological progress, and good governance. Let there be no doubt: Oregon’s lawsuit, like the SEC’s, is meritless, and Coinbase will do whatever is required to beat it.”

Grewal pointed out that the lawsuit could disrupt the bipartisan momentum in Congress to create a clear federal framework for digital assets.

The Coinbase executive argued that instead of protecting consumers, the case distracts from meaningful progress and risks delaying regulatory clarity.

Grewal wrote:

“This is exactly the opposite of what Americans should be focused on right now. We’ve never been closer to bipartisan legislation for digital assets and this backward lawsuit does nothing to protect consumers or solidify American leadership.”

Coinbase also criticized the lawsuit as a political maneuver rather than a genuine attempt to address consumer protection. The company described Oregon’s move as “obstructionist” and out of step with the broader shift toward balanced regulation.

Despite recent legal victories at the federal level, Coinbase’s clash with Oregon highlights ongoing friction between crypto firms and state regulators.

While several states, including Vermont, Kentucky, and South Carolina, have chosen to drop similar lawsuits, Oregon appears to be taking a different approach.

Nevertheless, Coinbase reaffirmed its commitment to defend its customers and the broader industry.

The exchange stated:

“Coinbase customers in Oregon and elsewhere can rest easy, we remain business as usual in the state and we are prepared to see this case, like others, through as far as necessary. We do not and will never shrink from fighting injustice, and we will never stop standing up for our customers and the industry.”