The war on cryptocurrency is officially over, and crypto won. That’s the message Coinbase is sending after learning that Oregon’s Attorney General plans to file a securities enforcement action against the company. The lawsuit claims Coinbase violated securities laws, using arguments long dismissed by the SEC. These arguments, Coinbase argues, are outdated and out of touch with the current legal landscape and public sentiment.
Coinbase remains firm in rejecting oregon’s lawsuit over digital assets
According to Coinbase, the SEC has already recognized that most digital assets are not securities. In fact, the agency recently dropped its case against Coinbase, acknowledging that many of the claims made were baseless. With that, the US appeared ready to turn a page on this misguided fight. But Oregon is trying to reignite the flames of a battle that’s already been won.
Coinbase is not backing down. The company is adamant that Oregon’s lawsuit, like the SEC’s failed efforts, has no merit. Coinbase is prepared to fight the case all the way, as it has done with previous legal challenges.
Coinbase warns Oregon’s actions threaten crypto legislation
However, the company’s reaction extends beyond the details of this matter. Coinbase is cautioning that Oregon’s actions risk putting the brakes on essential work being done at the federal level. Bipartisan support for broad crypto legislation is building, and many view it as the measure that will help ensure the expansion of the industry while safeguarding it from state-level assaults.
Oregon, by filing the lawsuit, is basically blocking that progress. Rather than allowing Congress to provide clarity on the rules, Oregon is attempting to regulate a world-wide industry through litigation. This is a step that would be damaging, not only for the company, but for the overall crypto space, according to Coinbase. The lawsuit does nothing except hinder progress and confuse the public. It is a desperate measure aimed at blocking something that is already well on its way.
Oregon customers, as well as customers nationwide, can rest assured that business will go on as usual. The company pledges to stand up for its customers and the whole industry, regardless of how many lawsuits it may face. The battle for a transparent, fair set of regulations will persist.
