Overview
Steptoe partners Michelle Kallen, Neel Chopra, Coy Garrison, and Chris Conte, and associate Vito Arethusa co-authored an article that appeared in Law360 titled "Ore. Coinbase Case Charts New Path For State Crypto Suits."
The article discusses Oregon's lawsuit against Coinbase for alleged violations of state securities laws, contrasting it with prior SEC litigation. Oregon Attorney General Dan Rayfield accuses Coinbase of facilitating the sale of unregistered securities on its platform, citing state statutes that differ from federal law. Unlike the SEC's focus on Coinbase's intermediary role, Oregon emphasizes active participation in securities sales. The case highlights challenges for the crypto industry, as state-level enforcement diverges from federal precedents. It underscores strategic differences in litigating against state attorneys general, especially with their coordination efforts and unique enforcement tools, amid growing focus on state litigation risks.
