Coinbase Lawsuit Hits 31 Cryptos: It’s a Mess!

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So,

Over the weekend, Oregon’s Attorney General, Dan Rayfield, filed a lawsuit against Coinbase, accusing the exchange of selling unregistered securities to people in Oregon. Now, here’s where it gets interesting: this state-level lawsuit follows the SEC’s complete 180 on their case against Coinbase back in February. The SEC decided to pull the plug and just… stop. So much for their “regulation-by-enforcement” tactic. Nice job, guys. You had one job!

And this lawsuit? It’s way more intense than the SEC’s original case. I mean, it’s a real kitchen-sink situation. According to Justin Slaughter (yes, *that* guy, a former SEC Senior Adviser), the Oregon AG’s complaint includes a whopping 31 cryptocurrencies. That’s, like, way more than the SEC ever considered. It’s almost like they just decided to throw every crypto they could think of into the lawsuit and see what sticks. What, did they start pulling names out of a hat?

Slaughter tweeted, “More to come, but one thing that jumps out about the Oregon AG suit is it actually covers many more tokens than the SEC complaint did, with 31 tokens claimed to be unregistered securities, including UNI, AAVE, FLOW, LINK, MKR, and even XRP. It’s a true kitchen sink lawsuit.” So, yeah, 31 cryptos, including some big names like AAVE, ADA, and XRP. What a party, huh?

XRP, SOL, whatever: basically no matter your asset or project, OR AG @DanRayfield has accused you of violating securities laws and fleecing your token holders. It’s why we notified about 560k @coinbase customers in Oregon about the unlawful action taken in their name.

— paulgrewal.eth (@iampaulgrewal) April 21, 2025

In case you missed it, Coinbase CLO Paul Grewal chimed in, pointing out how broad this thing is. He said the lawsuit is calling crypto assets “crypto securities.” I mean, really? If crypto is a security, what’s next? Is my phone a security too? C’mon, people.

31 Cryptos in the Hot Seat

The lawsuit claims that Coinbase made these “crypto securities” available for trading in Oregon. How? Through Coinbase Platform and Coinbase Prime. So, if you were thinking you could just trade these assets without a care in the world, think again. The complaint listed 31 cryptocurrencies, and yes, that includes the usual suspects like AAVE, ADA, ALGO, AMP, APE, ATOM, AVAX, AXS, and even XRP. Oh, and did I mention XRP? Yeah, that one’s in there too. It’s a full-on crypto buffet!

And here’s the kicker: Paul Grewal, trying to be the voice of reason (or just trying to cover his tracks), tweeted: “XRP, SOL, whatever: basically no matter your asset or project, Oregon AG Dan Rayfield has accused you of violating securities laws and fleecing your token holders.” So, good news, folks! If you’ve got any of these cryptos, the state of Oregon *officially* thinks you’ve been duped. Get in line!

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2025-04-22 14:38