PANews reports on June 4th that, according to Cointelegraph, Coinbase has filed a motion with the Portland Federal Court to transfer the Oregon Attorney General's securities lawsuit to federal court. The exchange claims that the lawsuit filed by Oregon Attorney General Dan Rayfield in April, accusing it of selling unregistered securities to state residents, is a "copycat lawsuit" attempting to "infringe on federal jurisdiction". Coinbase points out that Rayfield's lawsuit is almost identical to the similar lawsuit filed by the U.S. Securities and Exchange Commission (SEC) in 2023, which the SEC agreed to withdraw in February. The company's legal head Paul Grewal states that this case involves federal legal issues such as "investment contracts" and should be decided by a federal court.
The Oregon Attorney General, however, says the lawsuit was filed after the SEC dropped its charges against Coinbase and emphasizes that "states must fill the enforcement vacuum left by federal regulators". Recently, states like Kentucky, Vermont, and South Carolina have withdrawn similar lawsuits against Coinbase.
