XRP appeats to be back in legal crosshairs as Oregon sues Coinbase over unregistered securities, listing the token among 31 assets allegedly sold in violation of state law.
In the ongoing regulatory saga, Oregon’s lawsuit against crypto exchange Coinbase has drawn attention for reviving a familiar classification: more than 30 tokens, including XRP (XRP), are once again labeled as securities, as noted by Paradigm’s vice president of regulatory affairs Justin Slaughter.
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. https://t.co/PpnSqoWcgM pic.twitter.com/0ZSmPeFiwG
— Justin Slaughter (@JBSDC) April 21, 2025
In an X post on Monday, Slaughter published an excerpt of the filing, reading that Coinbase has made available for trading in Oregon crypto assets that are offered as securities.
The complaint lists dozens of assets by name and symbol, including Aave (AAVE), Cardano (ADA), Algorand (ALGO), Solana (SOL), Uniswap (UNI), and XRP. The lawsuit goes on to state that Coinbase, through the Coinbase Platform and Prime, made available for trading in Oregon crypto assets that “are offered and sold as investment contracts, and thus as securities.” These assets, the lawsuit notes, could be traded “for consideration, such as U.S. dollars, fiat currencies, or other crypto assets.”
Each unit of a listed asset, it adds, “trades at the same price as another unit of that same asset.”
The SEC dropped its own case against Coinbase in February 2025. Coinbase’s chief legal officer Paul Grewal called the Oregon action a “copycat,” warning it could “hinder ongoing bipartisan efforts in Congress” to pass national crypto rules.
