Oregon’s AG Takes a Whack at Crypto—and Coinbase Gets the Blame Game

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In a spirited bout of bureaucratic ambition, the Oregon Attorney General has decided to sharpen his quill against the venerable, yet evidently mischievous, bastion of American cryptocurrency—Coinbase.

Dan Rayfield, who appears to have discovered a veritable gold mine in the gap left yawning since the Trump administration chose to let crypto regulators take a holiday, now strides confidently to the frontlines.

Our intrepid AG accuses Coinbase of peddling what might generously be called “high-risk investments” to the unsuspecting denizens of Oregon’s fair state—a gamble as reckless as wearing a top hat to a hang-gliding contest.

“After building trust with Oregon consumers, Coinbase sold high-risk investments without them being properly vetted to protect consumers,” he declaims, no doubt with the gravitas of a man delivering the last rites to naïve investors.

“Oregonians lost money, and we believe Coinbase should be held accountable and take steps to protect consumers… You don’t go in for a medical procedure without knowing the risks. It’s the same for everyday folks who want to invest in cryptocurrency. I am committed to protecting Oregon’s investors so they’re not taken advantage of.”

The once-zealous SEC, now more lethargic than a cat in a sunbeam, has apparently shelved its grand crusade, having dropped its case last February—leaving poor Dan to carry the torch alone.

He points a shaky finger at the Internet Computer (ICP), a digital asset whose value has plummeted by 99%. It’s a bit like buying a puppy that promptly turns into a snake—disappointing, if not entirely unexpected.

Coinbase, refusing to be cast as the villain without a retort, promptly donned its legal armour. Paul Grewal, the chief legal officer with a fondness for blunt honesty, dismissed the suit as a “copycat” and a “waste of Oregon taxpayer money.” Ouch. 🦸‍♂️💼

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2025-04-18 21:41