You Won’t Believe What Oregon Just Did to Coinbase (Spoiler: It’s Not Good)

• Oregon is doubling down on Coinbase, throwing in 31 tokens, including XRP, into the mix. All unregistered, of course.
• With federal regulators taking a nap, states like Oregon are taking matters into their own hands with crypto crackdowns.

Oregon regulators have decided to make Coinbase their legal punching bag, accusing the platform of letting people trade illegal, unregistered securities. Big surprise, right? But they’re not stopping at just one token—they’ve thrown in 31. Yep, 31. And guess who’s getting dragged into this? Oh yeah, XRP.

The state’s complaint alleges that Coinbase’s retail and Prime services were the playground for these unregistered securities. It’s like a giant crypto free-for-all, only the free part is illegal.

Oregon Throws the Legal Kitchen Sink at Coinbase

Industry insiders are shaking their heads. Justin Slaughter, who used to be a big shot at the SEC and CFTC, had a few words to say about this legal circus.

He said,

“The Oregon AG suit… covers a lot more tokens than the SEC’s complaint did. We’re talking about 31 tokens. UNI, AAVE, FLOW, LINK, MKR, and even XRP. It’s basically a kitchen sink lawsuit. They threw in everything including the kitchen sink, and probably the plumbing too.”

For those of you just tuning in, Oregon’s Attorney General, Dan Rayield, filed a lawsuit against Coinbase, claiming the exchange broke Oregon’s securities laws. Oh, and by the way, this whole thing happened because, apparently, the federal regulators just decided to tap out after the Trump administration. Real smooth move there, guys.

The Oregon Department of Justice chimed in, stating:

“States must fill the enforcement vacuum left by federal regulators who are abandoning these cases under Trump administration.”

Of course, Coinbase’s Chief Legal Officer, Paul Grewal, wasn’t exactly sending Oregon a thank-you card. No, he had some very pointed words about Oregon’s legal challenge on April 22nd. Who knew lawyers could get so snarky?

And Now… The Return of XRP

If you thought the XRP saga was over, think again. Just when Ripple thought it was out of the regulatory woods after winning a partial victory against the SEC, here comes Oregon, ready to throw another wrench in the works. Yep, XRP is back in the lawsuit mix.

For context, Ripple had a big showdown with the SEC starting in 2020, but the case ended in March with the SEC dropping its claims. You’d think that would bring some clarity. But nope, the industry is still stuck in this gray area. And just as Coinbase thought it could list XRP futures on its platform—because that’s always a good idea, right?—this legal drama rears its ugly head.

Here’s the twist: The Alabama Securities Commission quietly pulled out of a lawsuit against Coinbase. So one state pulls back, and another (Oregon) cranks it up to eleven. It’s like playing a game of whack-a-mole, but with legal cases. Welcome to the wonderfully inconsistent world of crypto regulation.

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2025-04-26 04:14