As a Southeast Asian artist, I tread the slippery digital terrain. In the meantime I continue to watch regulatory battles unfold in the West with growing concern. The recent news of Oregon's Attorney General planning to sue Coinbase on April 18th, mirroring the SEC's previously dismissed case, feels like a punch to the gut, not just for Coinbase, but for the entire ecosystem of creators and innovators in my region.

Why This Fight Actually Matters

It’s tempting to write this off as a spat between an arrogant company—one in particularly hot water with regulators, mind you—and a power-mad state regulator. Believe me, though, this isn’t only about Oregon. It’s about the future of financial freedom and the future of art!

Think about it this way: here in Southeast Asia, we're often on the periphery of global financial systems. We all know that traditional banking can be a consumer nightmare – just slow, expensive, and bureaucratic red tape at its worst. For artists like me who aim to sell our work internationally, receive payments, and manage finances accordingly, this can be crippling. For all its extreme ups and downs, crypto has provided a much-needed lifeline. It has enabled us to avoid these oppressive infrastructures, engage directly with collectors around the globe, and sustain a fruitful practice. Further proof that the booming digital art market is here to stay, not a passing fad.

The most recent case shaking that up is Oregon’s lawsuit that claims Coinbase’s disruptive operations are illegal. Coinbase’s CLO, Paul Grewal, calls this case a “copycat case” rooted in old arguments. The destabilization it brings is the sword of Damocles, a dark cloud of uncertainty looming over our heads. Is one of the crypto platforms most us available on-real, Coinbase, going to take home it-much less accessible to people? Will it lead other states to do the same, causing even greater fragmentation of the regulatory landscape? Will this just serve to dissuade investment into the crypto infrastructure that is absolutely critical to our very existence?

These questions aren’t hypothetical, they’re real fears that plague me and my fellow artists nighttime waking terrors. We're not talking about Wall Street titans here, we're talking about individuals trying to make a living, support their families, and contribute to their communities through their art. We therefore need platforms that are inclusive, regulated, and, above all, predictable.

Regulation By Enforcement Hurts Innovation?

Coinbase argues that Oregon is attempting to breathe new life into the SEC’s much-maligned “regulation by enforcement” mode of operation. This is where my blood boils. Regulation is necessary. No one is in favor of a Wild West where scams and frauds are the order of the day. The SEC’s approach, similar to Oregon’s, is an example of unconsidered, knee-jerk regulation. Instead, it’s becoming a hammer coming down on anything that moves. It's stifling innovation and sending a clear message: we don't trust you.

This “regulation by enforcement” strategy creates a chilling effect. It repels lawful businesses and investors, and makes it more difficult for legal businesses to operate. All this does, though, is hurt the people it’s actually meant to protect. Keep in mind that this is after the SEC dropped its case against Coinbase in Feb 2025. Why is Oregon reviving a dead argument? As Grewal puts it, is this an "embarrassing waste of Oregon taxpayer dollars?" I think so. And I think it's a dangerous precedent.

We need clear, consistent rules of the road. We need to create a distinct, flexible regulatory framework that fosters innovation while protecting consumers. This framework must allow cryptocurrency to flourish as a potent force for economic empowerment. We cannot afford a patchwork of counterproductive, costly regulations. These rules undermine innovation and keep artists and entrepreneurs like me in a bind.

  • The Ideal Scenario: Federal legislation that provides clear guidelines for the crypto industry.
  • The Current Reality: A confusing mess of state-by-state regulations, lawsuits, and uncertainty.

Beyond the Headlines: A Call for Clarity

Coinbase's CLO and CPO advocate for comprehensive federal legislation for digital assets to provide clear rules and prevent "rogue attacks" on the industry by individual states. I couldn't agree more. Now is the time for lawmakers to take action and develop a reasonable regulatory footprint that establishes guardrails but enables innovation to thrive.

Now don’t get me wrong, I totally get there are real concerns with crypto – money laundering, illicit activities, consumer protection. However, don’t let these concerns be used as a pretext to kill an entire industry’s potential. Rather, come with us to strike a balance that mitigates these risks but still fosters innovation within crypto.

We can no longer sit on the sidelines as the regulatory wars continue to try and stop our momentum. Let’s rally around a vision where crypto is a positive force for that future. Together we can unleash the creative power of artists, entrepreneurs and communities around the world! Total crypto market cap is around $2.63 trillion and we should not allow the “rogue attacks” to burn down the future.

  • Educate ourselves: Learn about the complexities of crypto regulation and advocate for sensible policies.
  • Support crypto-friendly businesses: Use and promote platforms that are committed to compliance and innovation.
  • Raise our voices: Let our elected officials know that we support a clear and consistent regulatory framework for crypto.

The future of art, finance, and economic empowerment in Southeast Asia is intertwined with the future of crypto. We can't afford to stand idly by while regulatory battles threaten to derail our progress. Let's fight for a future where crypto can be a force for good, empowering artists, entrepreneurs, and communities around the world. The total crypto market capitalization is at $2.63 trillion, and we can't let the "rogue attacks" destroy the future.