Oregon Attorney General Sues Coinbase, Identifies 31 Cryptoassets as Unregistered Securities
On April 22, the Oregon Attorney General officially filed a lawsuit against the Coinbase cryptocurrency exchange, accusing the platform of violating the state's securities law by illegally providing and selling assets identified as "cryptocurrency securities" to Oregon residents. Notably, the list of assets mentioned in this lawsuit includes a total of 31 tokens, far exceeding the number of assets mentioned in previous lawsuits by the U.S. Securities and Exchange Commission (SEC). Some prominent tokens in the list include AAVE, UNI, LINK, MKR, FLOW, XRP, and many other assets.
The accusatory document clearly states that Coinbase has long avoided regulatory compliance obligations while supporting the trading of unregistered securities on its platform. Unlike previous lawsuits, which were primarily based on federal law, this litigation is based on state law, reflecting a new trend of increased pressure from state authorities on cryptocurrency trading platforms.
Oregon's proactive lawsuit against Coinbase under state law demonstrates that legal risks for the cryptocurrency industry in the United States are increasingly expanding, coming not only from federal agencies but also from state governments.
