Coinbase Hits Back at Oregon Over Sudden Crypto Policy Shift

Coinbase is fighting back after Oregon state officials unexpectedly reversed their long-standing position on digital assets.
The crypto exchange filed a lawsuit seeking access to public documents and accusing Governor Tina Kotek and Attorney General Dan Rayfield of secretly preparing a legal attack without hearings or public consultation.

Chief Legal Officer Paul Grewal argues the lawsuit mirrors the SEC’s outdated accusations, which were already dropped at the federal level. Grewal calls the move political and says it undermines bipartisan federal efforts to clarify crypto rules.

Coinbase points out that Oregon, for years, claimed digital assets like Bitcoin weren’t covered by its regulations. However, in April, without any new law or rulemaking, the state filed a lawsuit against Coinbase for allegedly offering unregistered securities.

Adding more controversy, the lawsuit is backed by external law firms who stand to gain up to 30% of any settlement. Coinbase argues that the sudden policy change, and the financial motivations behind it, demand public accountability.

VP of Litigation Ryan VanGrack emphasized that Oregon is the only state going after Coinbase and that the lawsuit interferes with federal jurisdiction. He says the lawsuit benefits out-of-state firms while punishing Oregon residents who want to access digital assets.

This lawsuit arrives as Congress prepares to vote on two major bills — the Clarity Act and GENIUS Act — aimed at establishing clearer digital asset regulations nationwide.