A new legal challenge has emerged against Coinbase, this time from the state of Oregon, reigniting the contentious issue of XRP’s classification. In a lawsuit spearheaded by Oregon Attorney General Dan Rayfield, Ripple’s XRP token has once again been labeled an unregistered security, despite a widely referenced federal court ruling to the contrary.
Justin Slaughter, Vice President of Regulatory Affairs at Paradigm, highlighted the mention of XRP in the legal complaint, alongside several other tokens, as part of the lawsuit against the crypto exchange giant.
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
Coinbase Pushes Back Against Enforcement-Driven Regulation
In response to the legal filing, Coinbase strongly rejected the claims, asserting that the lawsuit lacks merit. The exchange accused AG Rayfield of attempting to resurrect a regulatory model driven by enforcement rather than legislation.
According to Coinbase, the Oregon AG is out of step with the evolving legal reality surrounding digital assets, particularly given the regulatory clarity that XRP has already achieved in court.
Federal Ruling Undermines New Lawsuit’s Core Claim
The renewed attempt to categorize XRP as security stands in direct contrast to a key 2023 decision issued by Judge Analisa Torres of the Southern District of New York. In that case, the court ruled that XRP is not a security when sold on public exchanges to retail investors.
That verdict marked a landmark moment in the Ripple v. SEC battle and reshaped the broader conversation about which digital assets fall under securities law.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
SEC Drops Appeal Following Leadership Shakeup
Recently, the SEC officially abandoned its plans to appeal Judge Torres’ decision, signaling a de-escalation in its aggressive stance against Ripple. The move came in the wake of the departure of former SEC Chair Gary Gensler, a development that many in the crypto space interpreted as a positive shift. Currently, the Ripple v. SEC case has entered a 60-day pause, allowing for further negotiation and review.
Many in the crypto community view the Oregon Attorney General’s lawsuit as a political maneuver rather than a reflection of legal precedent. By reviving claims that XRP is an unregistered security, despite its court-backed regulatory clarity, the case raises questions about the coordination and consistency of crypto oversight in the United States.
Regulatory Clarity Still Faces State-Level Challenges
Even as XRP continues to gain traction and acceptance as a legally recognized digital asset, its reappearance in enforcement-driven legal complaints shows how fragmented crypto regulation remains in the U.S. The outcome of this case may once again shape the direction of digital asset governance, underscoring the need for a unified national framework.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
