Oregon Attorney General Dan Rayfield has filed a lawsuit
against Coinbase, accusing the publicly traded crypto exchange of violating the
state’s securities law. The complaint claims that XRP and other digital assets
available on Coinbase are unregistered securities.
Meanwhile, the XRPUSD H1 chart indicates range-bound
movement. The price has repeatedly tested an intraday support level but has yet
to produce a strong bullish breakout above the recent swing high.
Coinbase Faces Oregon Lawsuit for Securities Violations
Announced on April 18, the lawsuit is part of what the
Oregon Department of Justice called an effort to address a lack of enforcement
by federal agencies. “States must fill enforcement vacuum being left by federal
regulators who are abandoning these cases under Trump administration,” the
department said.
Coinbase’s Chief Legal Officer Paul Grewal responded on
April 21, expressing his frustration in a post on X. Justin Slaughter, Vice
President of Regulatory Affairs at Paradigm, noted that the complaint lists
several tokens, including Aave, Avalanche, Uniswap, Near Protocol, and wLUNA,
but not LUNA, Cointelegraph reported.
The Oregon AG just filed a lawsuit against coinbase, claiming 31 tokens are unregistered securities. That’s 18 more than the SEC named. It includes heavyweights like $UNI, $AAVE, $FLOW, $LINK, $MKR… and yes, even $XRP. pic.twitter.com/bu8YEVPM6m
— Cryptopolitan (@CPOfficialtx) April 22, 2025
The complaint alleges that Coinbase made these assets
available for trading through its main platform and Prime service, and that
they qualify as securities under Oregon law. It does not explain the inclusion
or exclusion of specific wrapped assets.
You may want to read at FinanceMagnates.com: SEC
Drops Coinbase Lawsuit as Crypto Task Force Promises Regulatory Clarity.
Coinbase Adds XRP Futures After Lawsuit
Yarden Noy, a partner at DLT Law, said a ruling that these
assets are securities would not set binding precedent, even within Oregon.
However, he noted the decision could still be used in arguments by regulators
and plaintiffs.
Ripple Labs, the issuer of XRP, previously faced a similar
lawsuit from the SEC. That case was dropped in March. Coinbase added XRP
futures to its derivatives platform on April 21, shortly after the Oregon
complaint was filed.
This article was written by Tareq Sikder at www.financemagnates.com.
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