In a surprising legal development, the state of Oregon has filed a lawsuit against Coinbase, accusing the crypto exchange of offering and selling unregistered securities including XRP, despite its partial legal clarity following the Ripple-SEC case.
The complaint, which surfaced on April 21, expands on previous regulatory actions by listing 31 digital assets allegedly sold in violation of Oregon state securities laws. The list includes high-profile tokens such as AAVE, UNI, FLOW, LINK, MKR, ADA, ALGO, SOL, and notably XRP, once again thrusting the token into legal uncertainty.
XRP and 30 Other Tokens in Legal Spotlight
According to Justin Slaughter, Paradigm’s Vice President of Regulatory Affairs, the Oregon Attorney General’s case goes beyond the scope of previous SEC complaints. In a post on X (formerly Twitter), Slaughter referred to the lawsuit as a “kitchen sink” approach, emphasizing the breadth of digital assets targeted.
“One thing that jumps out about the Oregon AG suit is it actually covers many more tokens than the SEC complaint did,” Slaughter noted, adding that the action revives the debate over XRP’s classification.
The filing alleges that Coinbase, through both its main platform and Coinbase Prime, allowed Oregon residents to buy and sell crypto assets that qualify as investment contracts, and therefore as securities under state law. These tokens, according to the complaint, were exchanged for U.S. dollars, fiat currencies, or other crypto assets—further reinforcing the state’s interpretation of their status as securities.
Ripple’s Partial Victory, Now in Question?
This renewed classification of XRP as a security comes despite a high-profile ruling in the Ripple vs. SEC case, in which a federal judge concluded that XRP sold on public exchanges did not constitute securities offerings. The Oregon action appears to dismiss or sidestep this ruling, highlighting the fragmented nature of crypto regulation across different U.S. jurisdictions.
The case’s inclusion of XRP and other major tokens underscores the regulatory confusion and inconsistency that has long plagued the crypto industry. While federal-level developments had suggested a softening stance, this state-level lawsuit signals continued scrutiny and legal risk for crypto exchanges and token issuers alike.
Coinbase Pushes Back, Cites Legislative Risk
In response, Coinbase Chief Legal Officer Paul Grewal labeled the Oregon lawsuit a “copycat” move, echoing past enforcement actions and potentially undermining national legislative progress.
“These types of actions only serve to hinder ongoing bipartisan efforts in Congress to establish a clear and unified crypto regulatory framework,” Grewal said.
Indeed, lawmakers on Capitol Hill have been working on several bipartisan bills aimed at providing regulatory clarity, including efforts to define the roles of the SEC and CFTC in overseeing digital assets. State-level lawsuits like Oregon’s could complicate or even derail such efforts, industry advocates warn.
Looking Forward
The lawsuit comes just months after the SEC dropped its own case against Coinbase in February 2025, making Oregon’s move all the more unexpected. The outcome of this case could influence how other states approach crypto regulation and whether more state attorneys general pursue similar lawsuits.
With the digital asset industry eagerly awaiting comprehensive federal legislation, the Oregon vs. Coinbase case underscores the pressing need for cohesive national rules. Until then, crypto firms may continue to face a patchwork of legal interpretations and enforcement actions putting innovation, investor confidence, and regulatory clarity at risk.
