Oregon Attorney General Intends to Block Coinbase from Moving Securities Lawsuit to Federal Court

Odaily News The Oregon Attorney General asked the federal court to dismiss Coinbases motion to transfer the securities lawsuit to the federal court, insisting that the case should be heard in the state court. The lawsuit accuses Coinbase of promoting unregistered crypto securities to state residents and profiting from millions of dollars in fees. The core dispute in the case is that the Pratt test adopted by Oregon is broader than the federal Howey test, and even if crypto assets do not meet the federal definition of securities, they may still be identified as state-level securities. Legal experts pointed out that if the state courts ruling is upheld, it may trigger a chain of enforcement by states against crypto companies based on local securities laws. (Decrypt)