The state Attorney General of Oregon is suing the top US-based crypto exchange.
According to a release from Oregon Attorney General Dan Rayfield, Oregon is leading the charge to fill the void left in crypto regulation enforcement by the Trump administration.
Rayfield alleges that Coinbase promoted and sold high-risk investments to residents of Oregon.
“After building trust with Oregon consumers, Coinbase sold high-risk investments without them being properly vetted to protect consumers.
Oregonians lost money, and we believe Coinbase should be held accountable and take steps to protect consumers…
You don’t go in for a medical procedure without knowing the risks. It’s the same for everyday folks who want to invest in cryptocurrency. I am committed to protecting Oregon’s investors so they’re not taken advantage of.”
The U.S. Securities and Exchange Commission (SEC) has stopped pursuing many high-profile crypto enforcement actions since Trump took back over. The SEC dropped its case, alleging much of what Rayfield is alleging against Coinbase, in February.
Rayfield cites the example of Internet Computer (ICP), an asset that has lost 99% of its value since being listed on Coinbase.
Coinbase almost immediately issued a response, taking the offensive in a blog post to blast the lawsuit.
Coinbase chief legal officer Paul Grewal also called the lawsuit a “copycat” and an “embarrassing waste” of Oregon taxpayer money.
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