A new legal challenge has emerged against Coinbase, this time from the state of Oregon

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The state of Oregon has launched a new legal challenge against crypto exchange giant Coinbase, implicating Ripple’s XRP token as an unregistered security. This move comes despite a federal judge's ruling to the contrary, which had a significant impact on the crypto space.

Oregon AG Sues Coinbase for Selling Unregistered Securities

According to a report by Law Street, the lawsuit, which was filed on Friday, April 17, and names Dan Rayfield as the attorney general, claims that Coinbase sold 31 tokens without the required registration. The complaint mentions several well-known tokens, including Chainlink (LINK), Aave (AAVE), Flow (FLOW), and Uniswap (UNI), along with lesser-known tokens like Balancer (BAL) and dHedge (DHG).

The lawsuit also includes claims that Coinbase failed to fulfill its obligations to report suspicious activity.

Among the named tokens, XRP is the subject of considerable attention due to a pending case against Ripple. The case, which is being observed closely by the industry, centers on whether XRP should be classified as a security.

Earlier this year, Judge Analisa Torres of the Southern District of New York ruled that XRP is not a security when sold on public exchanges to retail investors. The verdict, which came after a three-year legal battle, had implications for the broader conversation about which digital assets fall under securities law.

Recently, the SEC decided against appealing Judge Torres’s decision, signaling a de-escalation in its aggressive stance against Ripple. The move follows the departure of former SEC Chair Gary Gensler, a development that many in the crypto space view positively. Currently, the Ripple v. SEC case has entered a 60-day pause, allowing for further negotiation and review.

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