Oregon State Has Sued Coinbase, Alleging the Exchange Supported Illegal Trading of 31 Tokens, Including XRP, Considered Unregistered Securities.
Oregon State has launched a new legal attack against Coinbase, alleging that the leading crypto exchange supported illegal trading of dozens of digital assets. Notably, this lawsuit occurs right after the SEC withdrew similar lawsuits against both Coinbase and Ripple Labs during the Trump administration.
According to the new complaint filed, Oregon officials accuse Coinbase's primary trading platform and Prime service of violating state securities laws by allowing users in Oregon to buy and sell 31 crypto tokens without registering as required.
The Lawsuit's Scope Extends Far Beyond Previous SEC Actions
The list of 31 tokens included in the lawsuit covers many leading projects in the crypto ecosystem such as AAVE, ADA, ALGO, APE, ATOM, AVAX, FLOW, LINK, MATIC, MKR, SOL, UNI, and notably XRP – the token that was at the center of the prolonged legal battle between SEC and Ripple.
Justin Slaughter, Vice President of Legal Affairs at Paradigm and former senior SEC advisor, commented on platform X on 4/21: "The Oregon Attorney General's lawsuit... actually covers more tokens than the previous SEC lawsuit, with 31 tokens declared as unregistered securities. This is truly a 'kitchen sink' lawsuit."
The lawsuit asserts: "Coinbase substantially participated in or supported the trading of unregistered crypto securities for customers in Oregon." According to state authorities, these assets were traded using USD, other fiat currencies, or other cryptocurrencies, with consistent pricing across the entire platform.
This lawsuit occurs in a context where the SEC changed its approach during the Trump administration. Specifically, the SEC withdrew the lawsuit against Coinbase (starting from June 2023) without any penalties. Similarly, the prolonged legal battle between SEC and Ripple also ended in March 2025 after the agency withdrew its appeal.
With states becoming increasingly proactive in applying securities laws to cryptocurrencies, many voices in the industry have called for a unified federal legal framework to prevent legal fragmentation that could potentially hinder the development of digital asset ecosystems in the United States.
