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Highlights
- John Deaton has raised concerns about Oregon AG Rayfield's motivations behind the Coinbase lawsuit.
- Deaton asserts that Rayfield's actions are politically motivated.
- Justin Salughter finds a striking resemblance between Oregon's lawsuit and the previous SEC case.
Pro-XRP lawyer John Deaton has launched a scathing attack on Oregon’s Attorney General Dan Rayfield for his illogical claims in the controversial Coinbase lawsuit. This bold rebuke has further raised questions about the motivations behind the Oregon AG’s actions. It has also sparked intense debate about regulatory priorities and the need for clearer guidelines in the crypto space.
John Deaton Slams Oregon AG’s Coinbase Lawsuit
In his recent X thread, XRP attorney John Deaton has shared a stark criticism of Oregon AG Dan Rayfield. John Deaton’s criticism targets AG Rayfield’s arguments against Coinbase and XRP in the recent lawsuit.
According to the XRP lawyer, what is particularly striking is that the Oregon AG’s statements contradict the previous ruling of a US Federal Judge, appointed by Barack Obama and championed by Senator Gillibrand. Though Judge Analisa Torres has set a relevant precedent for the case, the Oregon AG is ‘resurrecting the dead,’ as pointed out by Coinbase.
Moreover, John Deaton argues that Oregon’s securities laws mirror federal law and the Howey test, which adds more ambiguity to Rayfield’s actions. Deaton further asserts that the AG’s moves are politically motivated. In Deaton’s view, Rayfield’s efforts are not about protecting investors, but rather about seeking relevance within a party facing an identity crisis.
What Are Oregon AG’s Arguments?
In a recently launched lawsuit, Oregon AG Rayfield argues that Coinbase, a top crypto exchange, has violated state financial laws by offering unregistered securities like XRP. Coinbase argued that the Oregon Justice Department is reintroducing claims that are “years out of date.” The exchange’s assertion comes in light of the fact that the SEC has previously dismissed the same claims with prejudice when they dropped their lawsuit against Coinbase.
Oregon AG Faces Increased Criticism
Significantly, the Oregon Justice Department’s lawsuit against Coinbase has sparked growing controversy, especially considering the absurdity of the statements. Besides John Deaton, XRP lawyer Bill Morgan calls it ‘dystopian nonsense,’ highlighting two major reasons. Morgan pointed out that Coinbase delisted XRP immediately after the SEC sued Ripple. Also, Judge Analisa Torres ruled that XRP was a non-security. Both these reasons underscore that AG Rayfield’s arguments are baseless.
Moreover, Justin Salughter, Vice President of Regulatory Affairs at Paradigm, emphasized a striking resemblance between the Oregon AG’s lawsuit and the SEC case, which is now settled under President Donald Trump’s administration. Both cases involve similar language and phrasing, including the description of Coinbase’s “calculated business decisions.” This suggests that the Oregon AG’s case may be heavily influenced by or even copied from the SEC’s case, raising questions about the originality and potential merit of the AG’s lawsuit.
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