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Coinbase, a leading cryptocurrency platform based in the United States, is facing a new securities violation lawsuit initiated by the Oregon Attorney General. The company claims that the state has reignited previously dismissed theories, thereby undermining federal regulatory efforts. In response, Coinbase has stated that it will continue its operations as usual during this ongoing legal process.
Is Gensler Back from the Dead?
In its statement, Coinbase expressed that Oregon authorities seem to be attempting to “resurrect the dead” with outdated arguments. According to the company, this approach is incompatible with public sentiment, technological advancements, and good governance. Moreover, the lawsuit relies on theories that have been debated for years and have been disregarded by official agencies in the past.
The departure of SEC Chair Gary Gensler had led to a dramatic shift in the regulatory approach towards cryptocurrencies. However, the recent lawsuit feels as if it has been launched from a parallel universe where Trump won the elections.
The Crypto Case
Coinbase has announced that it will continue to provide regular services to its customers in Oregon and will follow the legal proceedings as necessary. Company officials asserted that the lawsuit is baseless and shaped by political influences. They also emphasized the need for clearer and more comprehensive regulations for the crypto sector across the United States.
The company highlighted that the state’s action has harmed bipartisan efforts for federal-level crypto regulations. Coinbase advocates for Congress to establish clear rules. They contend that the approaches of relevant agencies have not kept pace with the evolution of the industry.
Paul Grewal, Coinbase’s Vice President of Legal Affairs, shared via social media that the lawsuit is off-topic.
Paul Grewal: “The lawsuit is contrary to what the American public should focus on. This action does not contribute to protecting consumers or reinforcing America’s leadership.”
The lawsuit draws attention for the Oregon Attorney General’s revival of practices that were previously rejected by the SEC. This situation is viewed as an interference with national regulatory efforts. Coinbase stated that it will utilize all legal avenues to navigate through this process.
This legal challenge faced by Coinbase has reignited discussions about regulation in the crypto sector. While emphasizing the need for current legislation and regulatory practices to align with modern technological developments, the company reassured that its operations would remain unaffected.
