Oregon Attorney General Dan Rayfield brought an action in terms of applying securities against cryptovirency Exchange Coinbase, even if federal regulators have withdrawn similar actions under the Trump administration.
THE trialPlaced at MultNomah County Court Circuit, alleys that Coinbase violated the law on the securities of Oregon by encouraging and facilitating the sale of cryptocurrencies not registered with residents of Oregon. Rayfield underlines that the exchange of crypto promotes unregistered digital assets, which are very risky, and the Oregonians have undergone enormous losses because of this.
Rayfied said: “After establishing confidence with Oregon consumers, Coinbase sold high -risk investments without them being correctly checked to protect consumers.” He added: “The Oregonians have lost money, and we believe that Coinbase should be held responsible and take measures to protect consumers.”
On the other hand, Coinbase strongly criticized the Oregon trial. Legal director Paul Grewal called him “obstruction for reasons of obstruction” and “a desperate program that does nothing to advance the cryptographic conversation”.
The case highlights an increasing regulatory fracture because the Trump administration adopts a clearly different approach from surveillance of cryptocurrency. The SEC recently abandoned surveys on several cryptographic companies, notably Opensea, Kraken and United.
Rayfield has developed the action of the State if necessary to “fill the vacuum of application of the law left by federal regulators who abandon the new administration”.
Read also: Gensler reacts while dry drops ripple XRP, Coinbase Cases
