Crypto News Today, 12th March : XRP News , Pi Network Price, XLM Crypto

Crypto exchange Coinbase is facing another legal battle as Oregon’s Attorney General prepares to file a securities enforcement action against the cryptocurrency exchange. According to a blog post from Coinbase, the state is asserting “the same stale, repeatedly refuted theories” that the SEC previously dismissed with prejudice when it dropped its case against the company.

Coinbase Claims Oregon Lawsuit Undermines Federal Progress On Crypto Regulation

The exchange characterizes the action as an attempt to “resurrect the dead.” The exchange mentioned Oregon is bringing forward arguments that are “years out of date” and at odds with current public opinion, technological progress, and good governance. Coinbase stated it will take all necessary actions to defeat the lawsuit while continuing normal operations in Oregon.

The company views Oregon’s legal action as directly undermining bipartisan efforts at the federal level to establish crypto legislation. According to Coinbase’s blog post, momentum has never been stronger for passing clear federal rules that would allow domestic cryptocurrency businesses to operate and at the same time prevent “rogue state governments from bringing politically motivated actions against crypto firms.”

Paul Grewal, Chief Legal Officer at the top crypto exchange, expressed this sentiment on X, stating that the lawsuit is “exactly the opposite of what Americans should be focused on right now.” He characterized the Oregon lawsuit as a “backward” action that does nothing to protect consumers or solidify American leadership.

Today the Oregon Attorney General is resurrecting the dead by bringing a copycat case of @SECGov‘s enforcement action against Coinbase. As a reminder, the SEC dismissed that case with prejudice. This type of political jockeying is an embarrassing waste of Oregon taxpayer…

— paulgrewal.eth (@iampaulgrewal) April 18, 2025

Coinbase’s blog post describes Oregon’s action as a desperate scheme that moves the cryptocurrency conversation backward rather than forward. The company suggests the state should have waited for Congress to enact clear guidelines instead of taking it upon itself to try to regulate a worldwide industry through enforcement.

Grewal further claimed that Oregon’s Attorney General’s office made it clear to Coinbase that “they are literally picking up where the Gary Gensler SEC left off.” The lawsuit comes at a time when Coinbase even provided the blueprint for crypto regulation in March.

Coinbase Maintains “Business As Usual” Despite Legal Challenges

Despite the pending lawsuit, Coinbase has assured its customers in Oregon and elsewhere that operations will continue normally in the state. The crypto exchange will also run its business as usual and will see this case, like others, through as far as necessary.

Coinbase characterized Oregon’s lawsuit as “meritless” and expressed confidence in its position on both the facts and the law. The blog post described the action as politically motivated.

The company described the move as a war against crypto that was previously waged by the SEC and its allies. The exchange suggested that the SEC has now acknowledged “that the vast majority of digital assets are not securities.”

It is worth noting that the SEC is seeking to create a regulatory-friendly environment for the cryptocurrency industry and has dropped several non-fraud lawsuits against crypto firms, including Coinbase. The court also recently agreed to pause the Ripple SEC lawsuit as both parties try to reach a settlement.

The post Coinbase Faces Renewed Legal Battle as Oregon Revives Old SEC Playbook appeared first on CoinGape.

The trade war between the United States (US) and China is heating up, which is threatening to tumble the global markets, including the crypto market. Specifically, the US has announced that a 104% tariff rate on China will begin on April 9, while the Asian country is already making moves to retaliate.

Crypto Market Risks More Downside With US Set To Impose 104% Tariffs On China

The crypto market risks a further crash as the trade war between the US and China heightens. According to a Bloomberg report, US officials revealed that the country will proceed with a 104% tariff on Chinese goods, which takes effect from April 9.

As Coingape reported, US President Donald Trump threatened an additional 50% tariff on Chinese goods if the country fails to lift its 34% counter-tariffs by April 8. However, China has made it clear that it has no intention to lift the 34% tariffs.

As such, the 104% tariffs are a cumulative of all earlier tariffs that Trump imposed, plus the 50% that he threatened to impose yesterday. China is also expected to retaliate with further tariffs as the country has promised to fight till the end.

The crypto market is reacting to the news of the 104% tariffs on China, with the Bitcoin price sharply dropping below $77,000. Coinglass data shows that the market has recorded almost $50 million in liquidations in the last one hour. Long positions have suffered the most, with almost $40 million in long positions wiped out.

Crypto analyst Mikybull Crypto revealed that the total cap has just flashed on the sell signal, providing a bearish outlook for the market. The analyst noted that this same thing happened in 2018 and 2022, which began the bear market. He added that 2019/2020 was the outlier due to the pandemic.

BTC Could Still Drop To As Low As $70,000

Crypto analyst Rekt Capital has predicted that the Bitcoin price could bottom at around $70,000 amid the US-China trade war. The analyst noted that whenever Bitcoin’s daily RSI crashed into the sub-28 RSI level, it wouldn’t necessarily mark out the price bottom.

Rekt Capital stated that, historically, the actual price bottom would be -0.32% to 8.44% lower than the price when the RSI first bottomed. He revealed that BTC is currently forming its second low, -2.79% below the first low. The analyst claimed that a repeat of -8.44% below the first low would see the Bitcoin price at around $70,000.

In line with this, the crypto market could witness a massive crash as Bitcoin drops to $70,000. The Ethereum price has again dropped below $1,500, while other altcoins risk dropping to new lows.

The post US-China Trade War: Crypto Market Risks More Downside As Tariffs Go Into Effect appeared first on CoinGape.