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Coinbase vs. Oregon: Crypto dispute escalates! Federal government demanded!
Coinbase is calling on the US government to take action against Oregon's lawsuit that disrupts federally legal crypto services.
Coinbase vs. Oregon: Crypto dispute escalates! Federal government demanded!
Coinbase, the largest US-based crypto exchange by trading volume, has called on the federal government to take active action against the legal action taken by the state of Oregon. This lawsuit seeks to sue the company for services that are legal under federal law. Coinbase Chief Legal Officer Paul Grewal, in a post on He criticized the fact that Oregon is taking action against Coinbase even though the services it offers are legally compliant and described this action as problematic for federalism.
In a letter to the Department of Justice, Coinbase argues that the multitude of state laws are inefficient and harm both innovation and consumers. The Oregon lawsuit is seen as an attempt to revive the US Securities and Exchange Commission's enforcement actions against the digital asset industry, which could further exacerbate regulatory challenges for crypto platforms.
Regulatory challenges for Coinbase
Coinbase highlights that digital asset providers are subject to different regulations in each state, requiring compliance with 50 different regulators. This complicated legal terrain places a significant burden on operations and hinders the company's development. The crypto exchange wants clear, nationwide uniform regulations for the entire crypto market.
There are proposals for new draft laws that could correct this situation. These bills include the House CLARITY Act and the Senate Discussion Draft, which would classify digital assets as “covered securities,” thereby exempting them from government regulations. A success of such laws could provide relief for Coinbase and other providers and improve the regulatory climate for digital currencies in the USA.
However, the problem is not limited to Oregon. Other states such as California, New York, Maryland and New Jersey have also taken action against Coinbase. These developments show the increasing pressure on crypto companies in the US and underscore the need for comprehensive regulatory reform.
Coinbase is therefore facing a crucial phase in which not only its legal position but also the future regulation of the entire crypto market is at stake. The coming weeks and months could be crucial in determining how the digital asset market develops in the United States.