Coinbase Appeals to DOJ for Federal Intervention in Crypto Regulation

Coinbase Appeals to DOJ

Coinbase is appealing to the Department of Justice (DOJ) for federal action on fragmented crypto regulations in the US.
The company highlighted recent federal initiatives, including stablecoin legislation and bipartisan market-structure bills, aimed at creating a uniform regulatory framework.
Coinbase criticizes certain states for expanding securities laws and imposing new licensing requirements, disrupting federal pro-innovation efforts.
Oregon's Attorney General has filed a lawsuit against Coinbase, claiming many digital assets as unregistered securities, encouraging other states to do the same.
New York has also taken legal action to classify transactions involving decentralized protocols as securities.
Coinbase has received cease-and-desist orders from four states regarding its retail staking services, which it contests as legally unfounded.

Call for a Unified Framework

Coinbase calls for federal intervention to establish broad preemption provisions to address state interference.
The company argues that current state regulations disrupt market efficiency and create unequal access based on location.
Coinbase advocates for Congress to exempt federally regulated digital assets from state laws and clarify non-applicability of state licensing to crypto intermediaries.
The company urges the SEC to expedite rulemaking and provide clear guidance on digital asset classification to prevent conflicting state regulations.

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