Oregon just tossed a Molotov cocktail into the crypto universe, and Coinbase is the building that’s on fire. This isn’t simply a silly regulatory misstep, but rather a clear declaration of war against decentralized finance and your financial freedom. Get ready, because the ride is going to get rough.
Is Oregon Protecting You Or Itself?
Let's be real. Oregon's Attorney General Dan Rayfield claims he's protecting consumers from "high-risk" crypto investments. Please. Where was this concern when Oregonians were losing their shirts in the dot-com bubble bust? Or when the housing market crashed? Or when the state pension fund “invests” in whatever black box Wall Street concocts next? Are they fighting for us, or fighting for their own antiquated, centralized system that they monopolize.
Coinbase, as Rayfield alleged, functioned as an unregistered securities dealer. He cites the marketplace listing and promoting exchange of “high-risk” cryptocurrencies, causing “enormous monetary damages” to Oregonians.
Here's the kicker: Oregon doesn't bat an eye when people gamble away their life savings at casinos. They gleefully pick up the tax revenue when people buy lottery tickets with odds like trying to find a unicorn on a unicycle. Crypto? Oh no, that's too risky. The hypocrisy is thicker than Portland fog. Why would they do something so counterintuitive as to make it harder for the competitions?
This is not so much about protecting you as it is about controlling you. It’s frankly about the state holding onto its power, fearful of a financial system that functions beyond its reach. They want you to be wholly dependent on their system, their banks, their rules. Crypto threatens that.
Selective Omissions And Political Theater
Coinbase’s Chief Legal Officer, Paul Grewal, isn’t pulling any punches, and you shouldn’t either. He's calling the lawsuit legally flawed and politically motivated, and he's got a point. The complaint conveniently overlooks important legal precedents that cut against the SEC’s overreach and support Coinbase. For instance, Judge Failla’s order granting Coinbase an interlocutory appeal in its SEC suit could redefine the interpretation of crypto transactions as securities.
It conveniently ignores Judge Torres' 2023 ruling that XRP sales on public exchanges aren't securities.
This isn’t just poor lawyering though, this is willful misrepresentation as a way to create a misleading story to advance their goal. We believe they’re cherry-picking facts to support their agenda, and that agenda stinks of anti-crypto sentiment. Grewal further highlights the role of private law firms, who he argues have everything to gain—except for taxpayers—from pursuing this case. Follow the money, people.
The ground zero of the complaint’s polemic is a piercing shot at SEC Chair Gary Gensler. It even goes so far as to label him a “Crypto lobbyist.” Really? Is this even a serious legal argument or have we moved on to the political circus?
Not too long ago we were all well acquainted with the banks that were “too big to fail.” The government is attempting to collectively use this lawsuit to make crypto “too big to fail.” Their aim is to regulate it out of existence. And should they win, other states will be sure to follow.
Your Crypto, Your Choice, Your Fight
The Oregon lawsuit isn’t simply an indictment of Coinbase, it’s an indictment warning against the future of crypto in America. No one should have power over your financial wellbeing. Through investing in emerging technologies, you can be at the forefront of, and directly involved with, a decentralized financial system.
This is a true David vs. Goliath battle, and we need to stand with David!
This is no ordinary moment for electric vehicle deployment It’s time to stand up and fight back. Contact your elected officials. Donate to Coinbase's legal defense fund (if you feel so inclined – I'm not your financial advisor). Spread awareness about this issue.
This isn’t about crypto. This is about freedom. And freedom is worth fighting for. Because if they can come for your crypto what’s next? Your car? Your house? Your thoughts?
It’s bureaucrats, not voters, who are coming for your crypto—and Oregon is setting the pace. Are you going to let them win?
The bureaucrats are coming for your crypto, and Oregon is leading the charge. Are you going to let them win?
