Why Oregon’s lawsuit isn’t bold — it’s lazy
When the SEC dropped its lawsuit against Coinbase earlier this year, most saw it as a signal that the crypto narrative was shifting. The headlines moved on. Retail investors exhaled. Even TradFi seemed to take the cue. But then Oregon Attorney General Dan Rayfield came charging in — weeks late, off-script, and out of touch.
His lawsuit alleges that Coinbase sold unregistered securities to Oregon residents — specifically naming 31 crypto assets, including XRP, SOL, ADA, LINK, and UNI. It’s as if someone handed him a list of the COIN 50 (Coinbase’s most accessible, liquid tokens), and he ran with it. That’s not enforcement. That’s laziness disguised as leadership.
Let’s be very clear: the SEC dropped its own case. No settlement. No penalty. No forced business change. They simply walked away.
(Former chief, Gary Gensler, aka “Mr. Wells,” walked away to MIT, avoiding the consequences of his un-lawful actions.)
Why? Because the conversation has moved on. Crypto is no longer just a question of whether Bitcoin is a security. The real question now is: how does the U.S. build a modern, open financial system that gives access to innovation without locking out everyday people?
But Rayfield seems more interested in making headlines than solutions. This lawsuit feels like a move to win clout in a state where few can even explain how staking works, let alone understand what role a Layer 1 or DeFi protocol plays in global finance.
It just feels like this AG has no way to back out of his position after stacking false accusations with Gary for so long. But Gary’s gone now, and this guy is grasping at straws to save face IMO. I don’t think he believes half of what he is saying about Coinbase. He certainly doesn’t know anything about innovation or infrastructure. How else do you move forward?
It’s not Web2 to Web1, Daniel. It’s Web2 to Web3!
Targeting the COIN 50: An Admission of Ignorance
You know what’s easy? Naming XRP. Or ADA. Or SOL. You know what’s harder? Doing actual research.
If the Oregon DOJ really wanted to show knowledge of the space, they’d go after questionable illiquid listings, tokens with false supply metrics, or pump-and-dump volume indicators. But instead, they grabbed the most well-known names on Coinbase. That’s not enforcement — it’s a press release in legal form.
Worse, it’s a move that tells Oregon investors: You’re too dumb to participate in new markets. You can’t make your own decisions, so let the state make them for you. That’s not protection. That’s paternalism.
Contrast this with Wisconsin. Their investment board allocated pension funds to Bitcoin through BlackRock’s IBIT ETF. No press conference. No dramatic lawsuit. Just conviction and quiet confidence in crypto’s future.
While Oregon sues, Wisconsin stacks.
While Rayfield throws stones, others build positions.
It’s worth asking: does Oregon want to be on the right side of innovation, or is it content with scaring away the very industry that could revitalize its economic future?
Strategy Is Bleeding on Bitcoin, But That’s Just a Distraction — Wisconsin Quietly Went All In
Here’s the thing: if you’re reading headlines about XRP or Bitcoin right now, you’re being distracted. The smart money already rotated. TradFi has entered the room quietly. Retail is once again being asked to show up last — and pay the highest price.
But the next wave of growth won’t come from Bitcoin price speculation. It’ll come from projects building real financial infrastructure: tokenized treasuries, liquid staking, programmable yield layers — things you won’t find on Oregon’s press release. Or in Rayfield’s complaint.
And if you want to stay ahead of that, I’d recommend spending less time reading lawsuits and more time tracking what TradFi is doing behind the curtain.
Because by the time the headlines hit, the gains are already gone.
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The Rogue AG and the Reckless Case Against Coinbase was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.
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