Coinbase (COIN) is petitioning a federal court to take over jurisdiction of Oregon’s lawsuit accusing it of selling unregistered securities, arguing the state is improperly interfering with federal efforts to clarify digital asset regulations.
In a filing late Monday evening, Coinbase argued that Oregon Attorney General Dan Rayfield’s lawsuit which it initiated in April over alleged trading of unregistered securities represents an overreach, and seeks to establish a patchwork regulatory landscape conflicting directly with ongoing bipartisan efforts at the federal level.
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“This lawsuit is a regulatory land grab,” the filing reads. “Dissatisfied with the federal government’s recent enforcement decisions, Oregon’s new Attorney General has set out to dictate the future of crypto and the nationwide platforms on which they trade.”
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