Oregon's Attorney General just pulled a zombie apocalypse move on Coinbase, reviving the same case the SEC already buried.

Dan Rayfield filed a lawsuit that's essentially a copy-and-paste of the SEC's abandoned claims.

They’re accusing Coinbase of operating an unlicensed securities exchange and labeling its staking program an illegal securities offering – let’s see how this one plays out.

The Regulatory Necromancy

The SEC dropped its case against Coinbase back in February with prejudice, which is legal speak for "this is done, and you can’t bring it back – ever."

Most states got the memo and dropped their own copycat lawsuits, including Vermont, South Carolina, and Kentucky.

But Oregon apparently decided to be that one friend who keeps bringing up drama that everyone else has moved past.

Rayfield is out here talking about "filling the enforcement vacuum" like he's the last regulatory Avenger standing against the crypto invasion – perhaps his hero name could be “Baby Gensler.” 

The Same Old FUD

Oregon's claims are almost nostalgic – unregistered securities, insufficient vetting, consumer protection, the whole playlist.

They're specifically calling out ICP's 99% drop after its Coinbase listing, as if that's somehow the exchange's fault rather than the entire crypto market doing its own thing.

It's the same argument that didn't work the first time, but with an Oregon spin.

The state's attorney general is basically saying, "Oregonians lost money, and someone has to pay for it," which is not how investing in volatile assets is supposed to work.

Coinbase Claps Back

Coinbase's Chief Legal Officer Paul Grewal isn't mincing words, calling the lawsuit exactly what it is – a "copycat case" and an "embarrassing waste of Oregon taxpayer dollars."

He's suggesting this is more political theater than legitimate legal action, which honestly tracks given the timing.

Grewal's essentially saying these recycled arguments are as outdated as using Internet Explorer as your primary browser.

Coinbase is pledging to fight the case while continuing to serve Oregon customers – because nothing says confidence like business as usual during a lawsuit.

The Regulatory Hunger Games

This whole saga highlights the absolute mess that is US crypto regulation – a patchwork of state and federal jurisdictions that's about as organized as a first-time founder's Jira board.

While the feds and most states are finally moving toward clarity, Oregon's playing the regulatory equivalent of "I'm not like other girls."

It's exactly the kind of fragmentation that gives founders nightmares and sends projects launching from anywhere but the United States.

The irony is that this comes right as we're seeing actual progress on federal crypto regulation – it's like someone didn't get the group chat message.

The Next Chess Move

Coinbase is gearing up for yet another legal battle in addition to the ones it's already winning, probably with the same playbook that worked against the SEC.

The case will inevitably become a talking point in the ongoing debate about federal regulation versus state-by-state approaches.

This kind of regulatory pinball is exactly why crypto companies keep looking at places like Singapore, Dubai, and Hong Kong with heart-eyes emoji.

Coinbase Tanks The Lawsuits

Oregon's lawsuit is either a principled stand for consumer protection or a political stunt, depending on which side of the aisle you're sitting.

What's clear is that the U.S. still can't figure out if it wants to lead or lag in crypto regulation.

Meanwhile, projects and users continue to face uncertainty while regulators play musical chairs with enforcement priorities.

Undoubtedly, CEO Brian Armstrong is just sighing and adding another lawyer to the payroll.