Coinbase pushes back against a new legal challenge of the attorney -general than Rayfield of Oregon, according to a statement of April 18.
In a message on social media platform X, Paul Grewal, the Chief Legal Officer of Coinbase, called it a “Copycat case” that mimics the now-dressed lawsuit of the US Securities and Exchange Commission against the stock exchange.
According to him:
“The AG office made it clear to us that they literally continue where the Gary Genler SEC had gone.”
Coinbase Slams Oregon
GREWAL criticized the attempt by the State to breathe new life into legal arguments that federal supervisors specified earlier this year.
He said:
“These hand-me-down arguments are outdated for years and defy public opinion, technological progress and good governance. Leave no doubt about it: the lawsuit of Oregon, just like that of the SEC, is merit, and Coinbase will do what is needed to beat it.”
Grewal pointed out that the court case could disrupt the dual momentum in the congress to create a clear federal framework for digital assets.
The Coinbase Executive argued that instead of protecting consumers, distracting the matter from meaningful progress and the risk of postponing the clarity of the regulations.
Grewal wrote:
“This is precisely the opposite of what Americans must now be focused on. We have never been closer to two -part legislation for digital assets and this backward lawsuit does nothing to protect consumers or strengthen American leadership.”
Coinbase also criticized the lawsuit as a political maneuver instead of a real attempt to tackle consumer protection. The company described the movement of Oregon as “obstructionist” and from the pass with the wider shift to balanced regulations.
Despite recent legal victories at the federal level, the clash of Coinbase with Oregon emphasizes the constant friction between crypto companies and state regulators.
Although various states, including Vermont, Kentucky and South Carolina, have chosen to drop similar lawsuits, Oregon seems to follow a different approach.
Nevertheless, Coinbase confirmed its dedication to defend its customers and the broader industry.
The exchange explained:
“Coinbase customers in Oregon and elsewhere can easily rest, we will stay as usual at the state in the state and we are willing to see this case, just like others, by if necessary. We will never shrink to combat injustice, and we will never stop standing for our customers and industry.”