Coinbase wants Oregon’s ‘copycat’ securities case in federal court
Coinbase has argued that a securities lawsuit from Oregon’s attorney general should be heard in federal court because it’s an attempt to “invade the province of federal law.”
Coinbase has asked a US federal judge to hear a lawsuit from Oregon’s attorney general, claiming that it is a copy of a prior Securities and Exchange Commission lawsuit that belongs in federal court.
In a June 2 motion filed in a Portland federal court, Coinbase claimed Oregon Attorney General Dan Rayfield’s April lawsuit accusing the firm of selling unregistered securities to the state’s residents exceeded his authority and is an “attempt to invade the province of federal law.”
The crypto exchange said Rayfield’s suit is a “copycat case” of the SEC’s 2023 lawsuit against the firm that alleged it sold unregistered securities. The SEC agreed to drop the case in February, one of many crypto cases it abandoned under the Trump administration.
