Oregon Attorney General attempts to block Coinbase from transferring securities case to federal court

According to Decrypt, the Oregon Attorney General has requested that the federal court reject Coinbase's motion to transfer the securities lawsuit to federal court, insisting that the case should remain in state court for trial. The lawsuit accuses Coinbase of promoting unregistered cryptocurrency securities to state residents and profiting from millions of dollars in transaction fees. The core dispute of the case lies in the fact that the "Pratt test" adopted by Oregon is broader than the federal "Hawley test", and even if encrypted assets do not meet the definition of federal securities, they may still be recognized as state-level securities. Legal experts point out that if the state court ruling is upheld, it may trigger states to launch chain law enforcement against cryptocurrency companies based on local securities laws. It is worth noting that although the Trump administration withdrew the SEC's lawsuit against Coinbase in February this year, states are strengthening their regulatory authority through local securities laws. Coinbase claims that the lawsuit is&34; Regulatory enclosure movement&34; Warning that fragmented state level regulation will exacerbate industry chaos.