SEC’s retreat and XRP’s legal triumph are$BTC
sidelined as Oregon charges ahead with a new lawsuit against Coinbase, intensifying the war over crypto regulation.
Coinbase Says Oregon Ignores SEC Losses, XRP Victory in Crypto Lawsuit
Legal tensions surrounding crypto exchange Coinbase have reignited following a new lawsuit filed by Oregon’s Attorney General, adding another chapter to the company’s long-running regulatory challenges. The case comes just weeks after the U.S. Securities and Exchange Commission (SEC) formally withdrew its own federal claims against the crypto exchange. The agency ended the suit without addressing the validity of its allegations. This shift happened amid leadership changes at the agency, including the reassignment of its lead crypto enforcement attorney and the appointment of former industry figure Paul Atkins as chairman.
Coinbase Chief Legal Officer Paul Grewal challenged both the substance and the tone of Oregon’s claims. In a post on social media platform X on April 18, Grewal accused the state’s legal team of omitting key federal legal developments and of politicizing the enforcement process. “We finally got a copy of the Oregon AG complaint,” he wrote, adding:
If there were any doubt about the motivation behind it, look no further than section 9, where it 1) omits Judge Failla’s order granting interlocutory appeal of the SEC case; 2) omits any mention of Judge Torres’ decision in XRP.
He continued: “3) bears the stamp of the two private law firms brought on to profit from this suit; 4) labels the chairman of the SEC as a ‘crypto lobbyist’ and 5) decries the reassignment of Gensler’s lead lawyer to the IT department. Not exactly subtle.” Grewal’s comments reflect Coinbase’s position that the legal action is driven more by opportunism and narrative than by sound legal principles.
In a pivotal development for cryptocurrency regulation, Judge Katherine Polk Failla granted Coinbase’s request for an interlocutory appeal in its case against the SEC, pausing district court proceedings to
