Oregon v. Coinbase Global Inc. — Multnomah County Circuit Court (Filed June 12 2025)
Oregon’s Department of Justice hired class‑action heavyweights Cohen Milstein and Keller Rohrback to sue Coinbase, claiming the exchange unlawfully sold high‑risk crypto assets that qualify as unregistered securities to thousands of state residents.
Why It Matters
- **State AGs fill the SEC gap**: The case shows that even without final federal crypto‑classification rules, states are willing to wield blue‑sky laws.
- **Lucrative fee model**: The contingency contract allows outside counsel to capture up to 25 % of any recovery—an incentive that may spur copy‑cat suits elsewhere.
Next Steps
Expect Coinbase to attempt removal to federal court and to move to compel arbitration, citing its user agreement. Early skirmishes over class certification and Howey‑test expert testimony will shape the litigation’s trajectory.
