Coinbase, Strongly Opposes Oregon Lawsuit..."Resumes Cryptocurrency War With Discarded Logic"

Coinbase CEO Brian Armstrong (Source: CoinTelegraph)

Coinbase has strongly objected to the announcement of a securities law violation lawsuit in Oregon, USA. The company defined this lawsuit as a “political attack without legal basis” and criticized it as an attempt to rekindle the already concluded 'cryptocurrency war'.

In an official statement released on the 17th, Coinbase stated that “The attack on digital assets led by the SEC is already over. The SEC has acknowledged that most cryptocurrencies are not securities, and the lawsuit against Coinbase has been withdrawn.” It further pointed out, “Nevertheless, Oregon is targeting the cryptocurrency industry again by bringing out a previously nullified argument.”

The company expressed concern that this action could possibly put a damper on the bipartisan digital asset regulation legislative trend currently being pursued in Washington DC. It added, “The cryptocurrency industry is looking forward to regulatory clarity, and Coinbase will continue to fight for users and the industry without backing down from any unjust attack.”

This situation shows that the controversy over cryptocurrency regulation and legal status remains a hotspot within the United States. After the SEC's change in stance, the somewhat calmed cryptocurrency-related legal battle is being resumed at the state government level, raising possibilities of regulatory uncertainty coming to the surface again.