“Coinbase Slams Oregon’s Lawsuit As A ‘Regulatory Land Grab,’ Accking the State’s Attorney General of Trying to Override Federal Crypto Guidelines.”, – WRITE: www.coindesk.com
In a Filing Late Monday Evening, Coinbase Argued That Oregon Attorney General Dan Rayfield’s Lawyfield while Establish A Patchwork Regulatory Landscape Conflicting Directly with Ongoing Bipartisan Effrts at the Federal Level.
“This Lawsuit Is A Regulatory Land Grab,” The Filing Reads. “Dissatisfied with the Federal Government’s Recent Enforcement Decisions;
Coinbase Further Argues That Oregon’s Lawsuit Ignores Recent Bipartisan Federal Efforts to Clarify Crypto Regulations, Improperly Tries to Create Independent State Wrongly Resurreges Claims Previoously Dismissed by Federal Regulators.
The Securities and Exchange Commission (SEC) Droped ITS Enforcement Against Coinbase In February, Weeks After the Inseuguration of President Donald Trump. The Exchange Made A $ 1 Million to Trump’s Inaugural Committee.
“What you have here is oregon, and only Oregon, TRYING TO REVIVA The SEC CASE, WHICH WAS DISMISISSED WITH PREJUDICE,” SAID Ryan Vaangrack, Coinbase Vice Vice President.
“A LONE ATTORNEY General Is Trying to Inhibit Regulatory Clarity and Impede Consuumers’ Freedom to Choose Who and How they Invest in Crypto,” Vangurack Said.
Coinbase Points Out in the Filing the State Attorney General Might Not Even have the authority to File the Case.
“Oregon-Based Securities Transactions Are Generally Regulated by the Division of Financial Regulation, Not The Attorney General,” Coinbase Wrote. “The Attorney General Nonetheless Seeks to Stretch His Limited Enforcement Authority Beyond the Breaking Point to Install HimSelf As The Commissar of Crypto for Oregon and Beyond.
In an interview, Vangurack Explicitly Rejected the Idea that Oregon’s Lawsuit is Simply a Partisan Issue.
Racher Than Framing It as A StraightForward “Red State Vs. Blue State” Conflict, He Emphasized a More Nuanced Approach, Highlighting How States of Various Political LEANINGS HAVA Actions.
“Crypto Has Become More Bipartisan, and We Have Other Statewide Litigation in WHICH RED STATES AND BLUE STATES HAVE DISMISISSED THEIR ACTIONS Kentucky, Considered Politically “Red” Fedrally But Led by A Democratic Governor, and Illinois, Typically Seen As A Blue State, All Dismissing Crypto-Related Litigation.
“IT’s Less about Red or Blue; IT’s that there are a Few Holdovers,” Vangrack Said, Emphasizing that Crypto Regulation and Clarity Have Increasing Bipartisan Gaals Federally.
He Suggested Oregon’s Action Is An Outlier Driven Not Necessarily by Partisan Politics, But by the Special Motivations of Its Attorney General.
“The motivations for this lawsuit are transparentnt,” Vangrack concluded. “IT’s not about the law, and it’s not about a desire to help oregonians. It’s about the Politics. It’s an Effort to Grab Headlines at Oregon’s Expense.”
Coinbase has been porthed to vigorously Defend of it Position, Stating Clearly It Has No Information of Voluntarily Exiting Oregon’s Market.
“We Are Not Pulling Out of the State Unless We Are Required to,” Vangurack AffirMed. “We Are Going to Fight, Because What Oregon Has Done Is Wrong.”
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