Oregon continues Coinbase, the Attorney General Dan Rayfield saying that he contributes to filling a gap that the titles and exchanges commission dropped his file against the largest cryptographic trading platform in the country.
“After making confidence with Oregon consumers, Coinbase sold high -risk investments without them being correctly checked to protect consumers,” said Rayfield. “The Oregonians have lost money, and we believe that Coinbase should be held responsible and take measures to protect consumers.”
Last Friday, the prosecution was filed in MultNomah County Court Circuit. He alleys that Coinbase is “engaged in current and generalized violations” of the laws on the securities of Oregon by pocketing millions of costs while creating and operating an exchange to sell unregistered titles, which, according to Ryland, were intrinsically risky.
“Coinbase operates for years an illegal titles company in Oregon via its cryptocurrency negotiation platform and its practice of selling high-risk and not recorded titles in Oregon,” said the complaint.
In an example included in the complaint, Oregon cited the “ICP”, the “native token” of the “Internet computer protocol”, a blockchain -based protocol designed by a Swiss non -profit organization in 2016. According to the complaint, the price of the ICP went from $ 700 to $ 72 in a month of launch, which claimed the billion of investors.
THE Dry has abandoned its application file Against Coinbase at the end of February, with the acting president Mark Uyeda, arguing that during the mandate of the president of the Sec, Gary Gensler, the “opinions of the commission on the crypto were widely expressed by implementing measures without engaging the general public” (Uyeda was acting president until Paul Atkins tightened this week.))
The dry initially continued Coinbase in 2023Accusing him of directing an illegal exchange by allowing users of exchanging unregistered cryptographic tokens. In an interview with Bloomberg Television, Gensler said that the dry had worked with 10 states to file a complaint. He asked why traditional scholarships should be “undermined” by Coinbase, which, according to him, said flooding industry regulations.
According to Rayfield, Oregon launched its prosecution against Coinbase due to the SEC’s decision to suppress its pursuit and the downgrades of the lawyer who had previously led the Coinbase affair.
According to reports from Wall Street Journal And A WealthManagement.com interview With the former Senior Crypto Policy Advisor Jorge Tenreiro, the former interim assistance chief of the commission crypto and cyber unit in Gensler, was demoted and moved into a role in the commission information technology office in January.
The Commission has also replaced the cryptographic asset and the cyber
In A declaration on the Coinbase site on the complaint of OregonLegal director Paul Grewal wrote that the DRA’s decision to delete his file indicated that “the war against crypto by the dry and its previous allies was over – Crypto won”.
“Oregon’s conservation campaign is an obstruction for obstruction reasons,” wrote Grewal. “It is a desperate scheme that does nothing to advance the cryptographic conversation, and in fact bring us a giant jump behind the hard -won progress.”
According to Rayfield, states like Oregon must fill the “application vacuum” left by the dry and other federal regulators under the administration of President Donald Trump.
“I undertake to protect Oregon investors so that they are not enjoyed,” he said.
Grewal argued that the company would do “everything that is required” to defeat the Oregon trial, but warned that “no trial is harmless”.
“In fact, the Oregon trial directly undermines the development of constructive policies at DC,” wrote Grewal. “However, instead of waiting for Democrats and Republicans to Congress to adopt clear road rules, Oregon has taken on itself to try to regulate a global industry thanks to the application.”
