Coinbase, the greatest exchange of cryptocurrency in the United States, took Oregon State officials in front of the courts, saying that they have quietly changed their position on digital assets.
Coinbase requires transparency after abrupt legal action of the State
THE Washington Times Reports that Coinbase filed a complaint accusing Governor Tina Kotek and the Attorney General Dan Rayfield of suddenly changing their position on digital assets. It is now demanding that public archives understand what has led to change, and affirms that change has occurred in camera, without public hearings, regulations or in chance of contribution, violating transparency rules.
“That there is undoubtedly: the trial of Oregon, like the dry, is without merit, and Coinbase will do everything necessary to beat him,” said Paul Grewal, Coinbase, in a previous Blog article.
He shared that the attorney general of Oregon is preparing to continue Coinbase using the same obsolete arguments as the dry has already abandoned. Grewal called on the political and harmful movement, saying that he is going against Bipartite efforts in Washington to create clear and equitable cryptography rules.
Ryan Vangrack, vice-president of Coinbase disputes, stressed that transparency is essential for good governance. He criticized the Attorney General of Oregon, Dan Rayfield, for having continued a legal action which, according to him, benefits from law firms outside the state while injuring the residents of Oregon who wish to exchange digital assets.
This occurs after the Attorney General continued Coinbase in April. He said that the company had violated the law by not registering for regulators of states and federals. After the federal government abandoned its file against Coinbase, Oregon has submitted its own legal action, claiming that Coinbase illegally sold a risky and not recorded crypto to the inhabitants of the state.
Coinbase says that the Oregon trial promotes law firms outside the state
Coinbase notes in his trial that for years, Oregon told people that cryptocurrencies like Bitcoin were not covered by the rules of the state. But suddenly, in April, the state changed their mind and filed a complaint against Coinbase, claiming that the company breaks the law by not registering properly. He also underlines that the state hired outside the law firms which could take 20 to 30% of the gains if the case succeeds.
Coinbase maintains that no new law has been adopted to regulate digital currencies and says that the public deserves why it happened. The company hopes that the court obliges Governor Kotek to release documents explaining the change.
An untimely movement
Mr. Vangrack notes that Oregon is the only state to continue Coinbase, and it is both premature and inappropriate for a state to intervene on something that comes from the federal authority.
This occurs while the legislators of the two parties work on legislation to provide clearer regulations to better regulate the cryptography industry. The congress should vote next week on two key bills: the Clarity Act and the Genius Act, which aim to provide more transparency and rules to the digital asset industry.