The Oregon Department of Justice is suing major crypto exchange Coinbase, claiming it offers 31 cryptocurrencies as securities, including XRP.
The Oregon Department of Justice, led by Attorney General Dan Layfield, recently filed a lawsuit, alleging that the San Francisco-based exchange violated the state’s financial laws by selling unregistered securities to residents.
XRP was named as a securities
A few days after Oregon filed the complaint, Procrypt journalist Eleanor Terrett suggested that the state is questioning the securities situation for 31 cryptocurrencies. According to Terrett, Oregon AG labeled these tokens, including XRP and UNI, as crypto securities.
🚨new: Oregon AG lawsuit @coinbase It claims to contain around 31 tokens (18 more than originally designated SECs). $ xrp, $link and $ uni It was offered and sold as an investment agreement. The lawsuits call them “crypto securities.”
A good place @JBSDC. https://t.co/zykwam51fi
– Eleanorterrett (@Eleanorterrett) April 22, 2025
In a recent statement, Coinbase Chief Legal Officer Paul Growal called the case a “copy” of the SEC’s enforcement action against the exchange in 2023, which was dismissed on bias.
He said that Oregon is not creating a new course, but is “picking it up where former SEC chairman Gary Gensler has taken it off.”
Oregon Names 30 Tokens as Securities
In particular, Oregon claims that more tokens are securities than the SEC identified in the 2023 enforcement action against the exchange. As previously reported, the SEC was labelled with 13 cryptocurrencies listed on Coinbase as securities including Matic, Sol and ADA.
Meanwhile, federal securities regulators did not mention XRP as security as it was not listed on Coinbase at the time. Coinbase listed XRP in early 2021 after the SEC indicted Ripple for violating federal law by selling coins to US residents.
However, in July 2023, shortly after New York federal court ruled that XRP itself was not security, the exchange relisted XRP. In its ruling, the court confirmed that Ripple’s program sales in digital exchanges are not investment agreements.
The Oregon lawsuit comes when the crypto industry is securing legal victory at the federal level. This is evident in the SEC’s agreement to remove lawsuits against crypto-related entities, including Ripple and Coinbase.
The Oregon AG lawsuit suggests that the crypto industry does not have regulatory hurdles at the state level.
XRP supporters remain unshakable
Meanwhile, several XRP supporters have responded to the news, most of whom feel they are not struck by the XRP classification in Coinbase’s latest lawsuit.
Popular community person Ashley Prospect emphasized that XRP is the only crypto asset with multiple layers of protection from the changing views of various authorities.
Prosper highlighted that the court order already found XRP to be non-securable, referring to Judge Analisa Torres’ declaration that XRP is not security. Commentators also argue that continuing settlement negotiations between Ripple and SEC Shield XRP are also arguing.
Additionally, community figures highlight XRP’s involvement in the US Crypto-back initiative, another factor that protects the coin from changing regulatory policy.
Finally, Prosper highlighted the upcoming Parliamentary Act for the crypto industry as another factor protecting XRP. Comments suggest that XRP enjoys more layered protection than its peers.
Dislamier: This content is informative and should not be considered financial advice. The views expressed in this article may contain the author’s personal opinions and do not reflect the basic opinions of the code. Readers are encouraged to conduct a thorough investigation before making investment decisions. Crypto Basic is not liable for any financial losses.
