Oregon Sues Coinbase, Labels 31 Crypto Tokens as Securities, Including XRP, ADA, LINK

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Well, folks, it’s time for another courtroom showdown, but this time the SEC isn’t the one bringing the hammer down. Oh no, it’s Oregon—yes, Oregon—swinging its legal mallet, accusing Coinbase of peddling unregistered securities to unsuspecting Oregonians. And who, you ask, are the accused tokens? A veritable smorgasbord of crypto favorites like XRP, ADA, LINK, and others. Grab your popcorn! 🍿

According to Oregon’s Attorney General, Coinbase didn’t just break a few rules—they allegedly sold a whopping 31 tokens as unregistered securities. Can you even imagine the chaos? XRP, ADA, and LINK were all on the menu, served up as “investment opportunities” without any of the proper paperwork. A real buffet of risky bets, right? 💸

Oregon’s 31 Tokens: The New ‘Crypto Securities’ You Never Wanted

Oregon’s legal team is piling on the accusations. They’ve named 31 tokens that Coinbase allegedly pushed as illegal securities, raking in millions in fees while Oregonians were left holding the bag. Classic, right? The lawsuit alleges that Coinbase took advantage of its user trust, promising “investments” that were, well, less than stellar. People lost money, and Coinbase made a fortune. Talk about a shady deal! 🧐

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.

— Eleanor Terrett (@EleanorTerrett) April 22, 2025

Now, Dan Rayfield, Oregon’s Attorney General, didn’t mince words. “Coinbase took advantage of Oregonians’ trust, and what did they get in return? Risky investments that weren’t properly vetted. People lost their hard-earned cash, and we think Coinbase should pay the piper.” Honestly, if you’re gonna get caught doing something shady, at least have the decency to not do it to people who trust you. 😒

The list of alleged rogue tokens includes big names like ADA, SOL, XRP, LINK, AAVE, MATIC, and UNI. You know, just your run-of-the-mill crypto rockstars. But here’s the kicker: Oregon is going one step further than the SEC, which only called out 18 tokens in its own lawsuit. Oh, Oregon’s bringing the heat, folks. 🔥

Coinbase Strikes Back: Legal Eagle Defends Its Turf

Coinbase isn’t going down without a fight. Paul Grewal, Coinbase’s legal chief, jumped onto X to fire back, saying that Oregon filed the lawsuit on behalf of over 500,000 users—without even asking them. Ouch. And get this—Grewal warned that if Oregon wins, it could hurt the whole crypto industry. Well, that’s one way to say, “Not just our problem, buddy!”

The Ripple Effect: XRP’s Day in Court

Now, while the lawsuit is technically an Oregon thing, it could ripple out across the country (see what I did there? 😏). The main attraction in this case? XRP, the token that’s been dancing with legal issues for a while now. Oregon thinks XRP should be treated like a security, which would subject it to a whole set of rules. But hey, Ripple just won a legal battle with the SEC, so what’s one more state to deal with?

So, while Ripple’s victory against the SEC was a big win, Oregon’s just re-opening the can of worms. Are we going to see XRP officially labeled a security? Stay tuned—this drama isn’t over yet! 🎭

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2025-04-22 08:41