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Coinbase has accused the state of Oregon of secretly shifting its stance on crypto regulation without public input or formal hearings. In a shocking turn of events, the exchange is now demanding transparency from the government over their decision.
According to reports, Oregon’s Attorney General Dan Rayfield had initiated an action against Coinbase in April, claiming that the platform exposed residents to fraud and market manipulation risks by selling unregistered cryptocurrencies. However, Coinbase disputes this claim, stating that the state previously maintained that such assets were not classified as securities.
In its recent court filing, Coinbase argues that Oregon’s decision was orchestrated by out-of-state law firms seeking large contingency fees if they win the case. The exchange contends that these firms could receive up to 30% of any settlement or award, suggesting that their interests supersede those of local residents.
Coinbase has been quick to point out that Oregon is now the only state pursuing legal action against it since the federal SEC case was dropped earlier this year. Coinbase believes this move undermines federal consistency and sends mixed signals about crypto oversight across states.
This sudden shift in policy has raised questions regarding jurisdiction and regulatory coordination in digital asset markets, leaving many wondering if this new strategy could lead to a centralization of authority and reduced patchwork enforcement by individual states like Oregon.
Source: coincentral.com
