Coinbase is back in the legal spotlight, but this time, it’s not the SEC knocking at the door. The Oregon Attorney General has filed a lawsuit against the crypto exchange, accusing it of offering and selling unregistered securities to users in the state.
The lawsuit claims that Coinbase offered and sold at least 31 tokens as unregistered securities, and that includes some big names like XRP, ADA, LINK, AAVE, MKR, and UNI.
Oregon Named 31 Tokens as “Crypto Securities”
In an ongoing lawsuit, Oregon state is suing Coinbase for violating state securities laws. The lawsuit claims Coinbase helped sell unregistered cryptocurrencies, making millions in fees while Oregonians lost money.
Oregon’s Attorney General, Dan Rayfield, said, “Coinbase gained trust from people in Oregon and then offered risky investments that weren’t fully checked. Because of this, people lost money, and we think Coinbase should be held responsible.”
Oregon specifically names 31 crypto tokens it believes were illegally offered as unregistered securities. These include popular tokens like ADA, SOL, XRP, LINK, AAVE, MATIC, UNI, and many more.
Although Oregon is going further than the U.S. SEC, which listed 18 tokens in its lawsuit.
Coinbase Responds
Paul Grewal, Coinbase’s Chief Legal Officer, fired back on X. He criticized Oregon’s Attorney General for filing the lawsuit on behalf of over 500,000 users, without their consent. He also said this lawsuit could hurt the entire crypto industry, not just Coinbase.
Oregon’s Case Impact On XRP
Even though Oregon’s lawsuit is only about state rules, it could affect the whole country.
One big thing in the case is XRP, the token from Ripple. Oregon’s Attorney General says XRP should be treated like a security, which means it would have to follow certain rules.
Ripple recently won against the SEC, but now Oregon is bringing the issue up again. They’re still arguing about whether XRP is a security or not.
