Oregon’s Department of Justice is suing the leading crypto exchange Coinbase, alleging that it offers 31 cryptocurrencies, including XRP, as securities.
The Oregon Justice Department, led by Attorney General Dan Rayfield, filed the lawsuit recently, claiming that the San Francisco-based exchange violated its state financial laws by selling unregistered securities to its residents.
XRP Named as Securities
Days after Oregon filed the complaint, pro-crypto journalist Eleanor Terrett suggested that the state is questioning the securities status of 31 cryptocurrencies. According to Terrett, the Oregon AG labeled these tokens, including XRP and UNI, as crypto securities.
🚨NEW: The Oregon AG suing @coinbase is claiming around 31 tokens (18 more than the SEC originally named) including $XRP, $LINK and $UNI were offered and sold as investment contracts. The lawsuit refers to them as “crypto securities.”
Good spot @JBSDC. https://t.co/ZykWam51fI
— Eleanor Terrett (@EleanorTerrett) April 22, 2025
In a recent statement, Coinbase Chief Legal Officer Paul Grewal referred to the case as a ‘copycat’ of the SEC’s enforcement action against the exchange in 2023, which was dismissed with prejudice.
He noted that Oregon is not charting a new course but ‘picking up where former SEC Chair Gary Gensler left off.’
Oregon Names 30 More Tokens as Securities
Notably, Oregon alleges more tokens to be securities than the SEC identified in its enforcement action against the exchange in 2023. As previously reported, the SEC labeled 13 cryptocurrencies listed on Coinbase as securities, including MATIC, SOL, and ADA.
Meanwhile, the federal securities regulator did not mention XRP as a security because it was not listed on Coinbase at the time. Coinbase delisted XRP in early 2021 after the SEC charged Ripple with violating federal laws by selling the coin to U.S. residents.
However, the exchange re-listed XRP in July 2023, shortly after a New York federal court ruled that XRP in itself is not a security. In that ruling, the court affirmed that Ripple’s programmatic sales on digital exchanges were not investment contracts.
The Oregon lawsuit comes at a time when the crypto industry has been securing legal victories at the federal level. This is evident in the SEC’s agreement to drop its case against crypto-related entities, including Ripple and Coinbase.
The Oregon AG lawsuit suggests that the crypto industry is not free from regulatory hurdles at the state level.
XRP Proponents Remain Unshaken
Meanwhile, several XRP proponents have reacted to the news, most of whom feel unperturbed by XRP’s classification in Coinbase’s latest lawsuit.
Popular community figure Ashley Prosper emphasized that XRP is the only crypto asset with multiple layers of protection against the shifting views of different authorities.
Prosper emphasized that a court order already finds XRP as a non-security, referring to Judge Analisa Torres’ declaration that XRP is not a security. The commentator also argues that the ongoing settlement negotiations between Ripple and the SEC shield XRP.
In addition, the community figure highlighted XRP’s involvement in the U.S. crypto reserve initiative as another factor protecting the coin from shifts in regulatory policies.
Lastly, Prosper highlighted the upcoming congressional legislation for the crypto industry as another factor protecting XRP. The comment suggests that XRP enjoys multi-layer protection more than its peers.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
