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Attorney General Dan Rayfield of Oregon has taken legal action against Coinbase, accusing the crypto exchange of selling high-risk investments without proper disclosure to residents of the state. The lawsuit positions Oregon at the front of crypto enforcement, a space where federal agencies have pulled back under the Trump administration.
Rayfield’s office claims Coinbase built consumer trust in Oregon, then sold risky digital assets without giving people a clear understanding of what they were getting into. One asset, Internet Computer (ICP), was mentioned specifically. Since being listed on Coinbase, ICP has dropped 99% in value.
The attorney general compared the situation to medical procedures, saying, “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.”
He added that he wants to make sure Oregon investors don’t get taken advantage of and argued that Coinbase should take responsibility and make changes to protect consumers.
Let there be no doubt: Oregon’s lawsuit, like the SEC’s, is meritless, and Coinbase will do whatever is required to beat it.
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Meanwhile, the U.S. Securities and Exchange Commission had previously filed a similar complaint against Coinbase. But that case was dropped in February after Trump’s return to office shifted the agency’s priorities. Rayfield claims Oregon is now stepping in to cover the regulatory gap.
Coinbase didn’t take long to fire back. The company published a blog post defending its position and criticizing the lawsuit, stating: “Let there be no doubt: Oregon’s lawsuit, like the SEC’s, is meritless, and Coinbase will do whatever is required to beat it.” Paul Grewal, the company’s chief legal officer, took to X and called the case a “copycat” and labeled it an “embarrassing waste” of public funds.