Coinbase Rips Into Oregon for Rehashing SEC’s Collapsed Crypto Regulation-by-Enforcement

Crypto exchange Coinbase revealed on April 18 that it is facing a new securities enforcement action from Oregon’s Attorney General, a move the company strongly condemned as legally baseless and politically motivated. The company’s chief legal officer, Paul Grewal, shared the news in a blog post, stating:

We’ve learned that today he will file a securities enforcement action against Coinbase asserting the same stale, repeatedly refuted theories that the SEC rightly disavowed (with prejudice) when it dismissed its case against Coinbase.

Grewal argued that Oregon’s approach disregards recent legal developments and public sentiment, calling it an effort to relitigate settled issues. The U.S. Securities and Exchange Commission (SEC) dismissed its lawsuit against Coinbase with prejudice on Feb. 27, preventing it from being refiled. The dismissal, which imposed no fines or business changes, reflects a shift toward a more crypto-friendly stance under the Trump administration.

Coinbase framed the lawsuit as a serious threat to ongoing efforts in Congress to establish national clarity around digital asset regulations. Grewal maintained that both Democrats and Republicans are making headway toward bipartisan federal legislation, and accused Oregon of undermining that process: “Yet instead of waiting for Democrats and Republicans in Congress to enact clear rules of the road, Oregon has taken it upon itself to try to regulate a worldwide industry through enforcement.” He portrayed the action as a relic of an earlier era of crypto regulation and asserted that it impedes progress. “Oregon’s holdout campaign is obstruction for the sake of obstruction,” he stated.

The Coinbase legal chief also shared on social media platform X: “In case you think I’m jumping to conclusions, the AG’s office made it clear to us that they are literally picking up where the Gary Gensler SEC left off. Seriously.” He opined: “This is exactly the opposite of what Americans should be focused on right now. We’ve never been closer to bipartisan legislation for digital assets and this backward lawsuit does nothing to protect consumers or solidify American leadership.”

Despite the legal challenge, Coinbase reassured users in Oregon and elsewhere that its operations remain unaffected. Grewal emphasized the company’s readiness to challenge the state in court:

Let there be no doubt: Oregon’s lawsuit, like the SEC’s, is meritless, and Coinbase will do whatever is required to beat it.

He concluded by affirming the company’s commitment to the crypto industry and its user base: “We do not and will never shrink from fighting injustice, and we will never stop standing up for our customers and the industry.”