The Oregon Department of Justice sued Coinbase on Friday in state court, asserting that the cryptocurrency exchange encouraged and facilitated the sale of unregistered securities and “reaped millions of dollars in fees as Oregonians have faced huge losses, often devastating, from risky investments.”
“States must fill [the] enforcement vacuum being left by federal regulators who are abandoning these cases under [the] Trump administration,” Oregon Attorney General Dan Rayfield said in a statement. “After building trust with Oregon consumers, Coinbase sold high-risk investments without them being properly vetted to protect consumers. Oregonians lost money, and we believe Coinbase should be held accountable and take steps to protect consumers.”