Paul Grewal Condemns Oregon AG’s Lawsuit for Securities Enforcement Action Against Coinbase

Paul Grewal, the Chief Legal Officer of the prominent crypto exchange Coinbase, has recently condemned Oregon Attorney General for filing a “copycat” lawsuit.

The Chief Legal Officer of Coinbase, Paul Grewal, has slammed the Oregon Attorney General for filing a “copycat” lawsuit. According to Grewal, the lawsuit by the Oregon AG brings up a claim that was dismissed a long time ago in the SEC lawsuit. The Coinbase executive took to social media to highlight the “copycat” lawsuit by the Oregon AG.

As per the statement shared by Paul Grewal on X, formerly Twitter, the legal team at Coinbase was notified by the Oregon AG that they are filing a lawsuit to enforce securities law. However, Grewal pointed out that the same claims were previously dismissed by the SEC with prejudice.

"In case you think I’m jumping to conclusions, the AG’s office made it clear to us that they are literally picking up where the Gary Gensler SEC left off. Seriously. 2/4"

Paul Grewal Condemns Oregan AG’s Lawsuit for Securities Enforcement Action Against Coinbase

Paul Grewal, the CLO of Coinbase, has slammed the Oregon Attorney General’s filing for a securities enforcement action as a “copycat” lawsuit. According to the executive, the lawsuit is “resurrecting” the dead by bringing up allegations that were already covered in a previous lawsuit by the SEC. The respective case was dismissed by the SEC with prejudice, but the latest lawsuit is doing the same, just to waste money.

"Now, the Oregon AG is dusting off that same, old case—claims that the federal courts have already rejected—to try to put a new spin on them and keep the same, tired case going. It’s a shame," Paul Grewal stated.

The executive added that the office of the Attorney General clearly mentions that the lawsuit is based on the previous action of the SEC under the Chairman Gary Gensler. Paul Grewal considers this attempt as political jockeying without any positive outcome. Additionally, he categorizes this endeavor as abandoned and discredited.

"Together, they represent an approach to crypto regulation that is best described as hostile and out of step with the times," he asserted.

As Paul Grewal puts it, the lawsuit denotes a backward move. Contrarily, the federal policymakers are expressing substantial bipartisan progress in the establishment of a complete regulatory framework to integrate digital assets into the existing financial services system. Hence, this lawsuit is totally opposite to doing something to secure the customers or to fortify American leadership in the global financial domain.

"This lawsuit is a distraction from the real work needed to provide clear and practical rules of the road for the crypto industry," Grewal concluded.

Executive Assures Continued Efforts for Reasonable Regulatory Approach

In a comprehensive blog post on the official Coinbase website, Paul Grewal further categorized the Oregon AG’s lawsuit as a "desperate scheme." He also highlighted several such cases against other crypto entities, summarizing them as a hostile and outdated regulatory approach.

"Despite this lawsuit, Coinbase will continue to speak out in favor of practical regulation and to protect the crypto ecosystem from political legal overreach," the Coinbase executive concluded.