Oregon Attorney General Dan Rayfield plans to sue crypto exchange Coinbase, claiming it sold unregistered securities to residents after the SEC dropped its federal case against the company. Coinbase's chief legal officer, Paul Grewal, stated the lawsuit mimics the SEC's earlier actions and criticized it as counterproductive. Although the crypto industry has seen legal victories federally, state-level regulatory challenges persist, which may lead to fragmented regulation across the US. Following the SEC's change in stance on cryptocurrencies, other states had recently dropped their lawsuits against Coinbase, including Vermont, South Carolina, and Kentucky. Grewal has urged the federal government to establish clear regulations rather than allowing a patchwork of state laws.

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