Dan Rayfield General Prosecutor General of Oregona, Coinbase contributed to the sale of unregistered securities, earning millions of dollars at the commissions, while many Oregon residents lost money on this.
“Coinbase won the trust of traders in Oregon, offering them risky investments that were not properly tested. Because of this, people lost their investments, so Coinbase should be responsible, ”Rayfield said.
The main legal adviser to Coinbase Paul Grewal criticized the prosecutor’s office for filing a lawsuit on behalf of more than 500,000 users of the exchange without their consent. The lawyer noted that this lawsuit can harm not only Coinbase, but the entire crypto industry.
The prosecutor’s office neglected the decision of the judge Analysa Torres, according to which XRP sold in the secondary market is not considered securities. According to Gruel, the prosecutors “raised” the already outdated theories, which even the US securities and exchanges (SEC) rejected, when it closed the case against Coinbase.
In March, the state authorities of South Carolina and Vermont also withdrew claims against Coinbase, which was previously accused of illegal stakeing and an offer of unregistered securities.
Source: Bits
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