The Attorney General of Oregon (AG) listed XRP and 30 other cryptocurrencies as alleged “unregistered titles” in his complaint at the level of the state against Coinbase. The trial follows the decision of the Securities and Exchange Commission (SEC) to abandon his file against the Crypto Exchange, which led the figures of the industry and the investors to call the move an illegal and “political motivation” action.
XRP, Sol and ADA called “unregistered titles”
Oregon Attorney General Dan Rayfield filed a complaint against Coinbase on April 18, alleging that the US-based exchange crypto had violated the Oregon securities law by facilitating the sale of cryptocurrencies not registered with state residents.
The Court document, deposited at MultNomAH County Court Circuit, stipulates that the exchange of crypto “has permanently violated and repeatedly the law on the securities of Oregon, which attributes responsibility towards persons in violation of the law on values Helps Materially () in the sale ‘(ORS 59.115 (3)). »»
On Monday, the vice-president of paradigm regulatory affairs, Justin Slaughter, stressed that the complaint of Oregon AG is a “real kitchen sink trial”, covering much more token than the case of Securities and Exchange Commission (SEC).
The trial claims that the exchange crypto has offered and sold 31 cryptocurrencies as investment contracts. The list of so -called “unregistered titles” includes Aave, ADA, Algo, Amp, APE, Atom, Avx, Axs, CHZ, Comple, Dash, DDX, EOS, FIL, FLOW, ICP, LCX, LINK, MATIC, MIR, MIR, MKR, PROCH, POWR, RLY, SAN, UNI, VGX, WLUNA, XRP and XYO.
Excerpt from Oregon AG's complaint agaisnt Coinbase. Source: Justin Slaughter on X
Eleanor Terret, journalist and animator of Podcast, noted that Rayfield complaints name 18 additional cryptocurrencies that the SEC initially named in his case, which listed 13 tokens: soil, ADA, MATIC, Wire, Sand, AXS, CHZ, FLOW, ICP, near, VGX, DASH and NEXO.
For the context, the SEC continued Coinbase in June 2023, saying that the platform was an exchange of unregistered securities. The regulatory agency argued that the exchange operated as an unregistered broker and illegally sold titles not registered through its ignition program. However, the trial was rejected in February 2025.
Coinbase Slams Oregon Ag
Coinbase Legal Director (CLO), Paul Grewal, said that “regardless of your assets or project”, the Oregon Attorney General “accused of violating securities and stealing your token holders”.
In his Monday article, he added that the exchange had notified about 560,000 of its users in Oregon “on the illegal measures taken on their behalf”. Last week, Grewal described the trial of “embarrassing dollars of Oregon taxpayers”.
Coinbase's CLO responds to Oregon AG's list of alleged unregistered securities. Source: Paul Grewal on X
Rayfield argues that Coinbase has sold high -risk investments without being properly checked to protect consumers, causing significant losses to Oregonians. However, Grewal criticized the legal action, suggesting that the trial is politically motivated after the complaint omitted key details.
Look no further than Article 9, where he 1) omits the order of the Failla judge granting the interlocutive appeal of the @secgov affair; 2) omit any mention of the decision of the Torres judge in XRP; and 3) bears the stamp of the two private law firms led to take advantage of this prosecution; 4) Label The President of the SEC as “cryptographic lobbyist” and 5) decrease the reallowing of the Senior Advocate of people in the IT department. Not exactly subtle.
The Co -Coinbase Clo also said that the prosecutor’s office had “clearly indicated” that they “literally resumed where Gary Gensler’s dry had stopped.” Grewal considers that the Copycat affair of Oregon AG is trying to “resuscitate” the long -term regulatory approach of the Commission, which has recently been abandoned.
In particular, the SEC has drawn from its “regulation by application” strategy to supervise the sector under the user -friendly Trump administration. As part of its quarter of work, the regulatory agency has reduced its special cryptography application unit, closed or interrupted most of its main disputes and created the cryptographic working group to supervise the creation of a complete regulatory framework.
Total crypto market capitalization is at $2.8 trillion in the one-week chart. Source: TOTAL on TradingView
Star image of Unsplash.com, tradingView.com graphic
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