1/ Yesterday, @BlockchainAssn filed an amicus brief in Oregon v. Coinbase, supporting @Coinbase’s motion to keep the case in federal court. This case could fracture digital asset regulation across the states. Here’s the deal: 🧵

2/ After the SEC dropped its enforcement action against Coinbase, Oregon claimed that it had to step in to fill the “vacuum” that the federal government left. Now, Oregon wants to pursue this case in state court. But there’s no vacuum. The SEC is still going after bad actors. Congress is also building a national framework for digital assets.

3/ What’s this case about? At the center of this case is the question of what is an “investment contract.” That term has been defined under federal law for almost a century. States—including Oregon—have followed the federal lead in defining this term and creating their own laws. That is until now.

4/ If Oregon succeeds, other states may follow. One asset, many definitions. This could lead to legal uncertainty for developers, exchanges, and investors. This could hurt U.S. innovation.

5/ Crypto is inherently global and decentralized. It needs national rules, not a patchwork of conflicting state laws. This is a federal issue that belongs in federal court.

6/ We ask the federal court to keep this federal issue there. Thank you to our counsel @SteptoeLLP! [end]