The Rogue AG and the Reckless Case Against Coinbase | by Chip Mahoney | The Capital | Apr, 2025

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?