Now, Of Note: The State Level AGs Are Stepping Up -- Where The Voids -- Of "Federal Regulatory Capture" Seem To Have Occured...

Well. . . just when Brian Armstrong and Jesse Powell and Saylor and the rest of the crypto-bro lot. . . including Jason Les, thought they had secured a regulatory capture -- at the federal level -- by buying off Trump and Musk. . . along come the courageous and correct State level AGs to bring suit.

In this case, it is Oregon correctly pointing out that it too has jurisdiction (at least as to potential purchasers who might reside in Oregon), under its own "Blue Sky" laws, for offerings of securities that do not adequately disclose risks -- especially to people the issuer cannot prove is a net worth millionaire (exclusive of their homes' net value), or makes over $320,000 a year over the past three years, minimum.

That is, there is concurrent jurisdiction over securities offerings, at the state and federal levels -- since 1933.

And Coinbase has run afoul of responsible investing disclosures, according to the securities administrator in the Sasquatch state.

Here's the latest, from local reporting:

. . .The lawsuit was filed roughly two months after the U.S. Securities and Exchange Commission dropped a similar case, which Rayfield’s office characterized as showing the “enforcement vacuum” being created under the Trump administration.

Liz Tippet, a professor at the University of Oregon School of Law, said it’s “suboptimal” for states to try to address nationwide issues.

“Our consumer protection division is fantastic,” she said. “They do sophisticated litigation on behalf of Oregonians. But it’s no substitute for sophisticated federal regulation and enforcement. . . .”

We will keep you informed, but Trump's coins (run by his fail-sons) may yet also be the subject of Oregon enforcement actions, for poor disclosure practices. Hilarious!

And. . . onward!

नमस्ते