It’s not every day that a state attorney general files a motion that sounds like something straight out of a courtroom drama, but here we are. Oregon’s Attorney General (AG), the ever-determined Dan Rayfield, has filed a motion to keep the lawsuit against Coinbase in state court. Yes, you read that right. Coinbase, the crypto giant that’s been dodging lawsuits faster than you can say “blockchain,” tried to get this drama moved to federal court. But Oregon’s not having it. Oh no. Not today, Satan!
Oregon’s Bold Stand: “Stay in State Court, Coinbase!”
On July 2, in a move that’s probably going to make lawyers everywhere wonder if they’ve missed the memo on 2025, Oregon’s AG went all-in with a motion to keep its lawsuit against Coinbase exactly where it started—in the Circuit Court of Multnomah County. This came after Coinbase’s valiant but doomed attempt to move the case to the comfy, far-away land of federal court.
Back in June, Coinbase tried to pull the rug out from under Oregon courts by filing a notice of removal, basically asking for a lifeline by claiming the case was about federal law. Why? Well, because Oregon uses the federal Securities Act of 1993 (you know, just a little light reading), and they also use the federal Howey Test. Coinbase argued that because of this, the case should play out in the big leagues—federal court.
However, Oregon, armed with some serious historical legal firepower, was like, “Uh, no thanks, we’ve been doing this a lot longer than you think. You see, back in 1976, the Oregon Supreme Court took a little detour from the Howey Test and decided that the definition of an ‘investment contract’ should be a bit broader. Much broader. Kind of like how you broaden your search results when you’re procrastinating on a paper.”
Oregon courts have been using the “Pratt Test” ever since, which is just a fancier way of saying, “we’re not here to follow your federal rulebook, thank you very much.” So, Oregon is arguing that its claims do not hinge on the Howey Test at all. Take that, Coinbase!
Same Drama, Different Day
Now, here’s where things get spicy. Back on April 18, Oregon’s AG filed a complaint in Multnomah County Circuit Court, accusing Coinbase of violating the Oregon Securities Law. In plain English: Coinbase was allegedly selling unregistered cryptocurrencies to Oregonians. Which, let’s be honest, sounds like the kind of thing that would get a lot of people raising their eyebrows. 🙄
The lawsuit claims that Coinbase repeatedly violated the Oregon Securities Law, which is basically saying, “Hey, you can’t just sell stuff to people without properly following the rules.” It’s like trying to sell expired milk—people aren’t happy when they find out, trust me.
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2025-07-05 10:33