- Oregon has continued legal action against Coinbase, accusing the exchange of violating state securities laws
- The state previously joined a multi-state lawsuit in 2023 over Coinbase’s staking rewards program
- Despite the SEC dropping its federal case, Oregon has revived claims in a new 2025 lawsuit focused on unregistered crypto assets
Oregon has maintained pressure on Coinbase, suing the crypto exchange for allegedly selling unregistered securities to state residents. The state previously joined a broader coalition of U.S. states in a 2023 lawsuit focused on Coinbase’s staking program. Now, Oregon has filed a new complaint centered on investor losses from high-risk cryptocurrencies, defying the trend of states backing away after the SEC dropped its case.
Coinbase Sold “High-Risk Investments” to Ogeron Residents
In June 2023, Oregon was among ten U.S. states—including California, Illinois, and New Jersey—that filed coordinated legal actions against Coinbase, alleging violations related to its crypto staking rewards program. These lawsuits claimed Coinbase failed to register its staking offerings as securities, depriving investors of critical disclosures. While several states have since dropped their claims following the SEC’s February 2025 decision to dismiss its own case against Coinbase, Oregon has doubled down.
Attorney General Dan Rayfield has now brought a separate state-level lawsuit against Coinbase in Multnomah County Circuit Court, filed in April 2025. This new suit targets Coinbase’s broader listing practices, claiming it facilitated the sale of unregistered digital assets to Oregonians, including volatile tokens like Internet Computer Protocol (ICP). “After building trust with Oregon consumers, Coinbase sold high-risk investments without them being properly vetted to protect consumers,” Rayfield stated in a press release.
Coinbase Pushes Back
Coinbase has dismissed Oregon’s latest lawsuit as a political stunt and a repetition of already-refuted arguments. Chief Legal Officer Paul Grewal labeled the lawsuit a “copycat” effort, adding, “The Oregon AG is literally picking up where the Gary Gensler SEC left off.” Grewal emphasized that legal clarity is needed from Congress, not fragmented enforcement from individual states.
We finally got a copy of the Oregon AG complaint. If there were any doubt about the motivation behind it, look no further than section 9, where it 1) omits Judge Failla’s order granting interlocutory appeal of the @SECGov case; 2) omits any mention of Judge Torres’ decision in… pic.twitter.com/mIXxtQ7ojH
— paulgrewal.eth (@iampaulgrewal) April 18, 2025
The situation reflects a growing divide in crypto regulation: while the federal government under the current administration appears to be pulling back, some states like Oregon are forging ahead. With the SEC scaling down enforcement and reassigning key personnel, Oregon’s move signals a state-level attempt to hold crypto firms accountable. Whether this approach succeeds may depend on how courts interpret the line between innovation and investor protection in the evolving crypto space.
