Oregon Sues Coinbase Listing 31 Crypto Assets Including XRP as Unregistered Securities

XRP appeats to be back in legal crosshairs as Oregon sues Coinbase over unregistered securities, listing the token among 31 assets allegedly sold in violation of state law.

A lawsuit filed by Oregon against crypto exchange Coinbase has brought the state's regulator back into the legal crosshairs, while tying into a familiar narrative: more than 30 tokens are being classified as securities.

The complaint, filed on Monday by Oregon’s attorney general in the U.S. District Court for the District of Oregon, focuses on Coinbase’s alleged failure to register securities for sale in the state.

Announced by Paradigm’s vice president of regulatory affairs Justin Slaughter, the lawsuit is said to cover 31 tokens, including XRP, Aave (AAVE), Uniswap (UNI), and Flow (FLOW).

The complaint, filed by Oregon’s attorney general in the U.S. District Court for the District of Oregon, focuses on crypto exchange Coinbase’s alleged failure to register securities for sale in the state.

Announced by Paradigm’s vice president of regulatory affairs Justin Slaughter, the lawsuit is said to cover 31 tokens, including XRP, Aave (AAVE), Uniswap (UNI), and Flow (FLOW).

Coinbase had applied to register as a securities exchange with the SEC in 2022 but later withdrew the application.

The SEC’s case against Coinbase was dropped in February 2025. Coinbase’s chief legal officer Paul Grewal called the Oregon action a “copycat,” warning it could “hinder ongoing bipartisan efforts in Congress” to pass national crypto rules.

“We are disappointed that, despite these efforts, the Oregon regulator has decided to pursue this copycat case, which will ultimately harm investors and innovators more broadly,” Grewal said.

The lawsuit, which follows a similar case brought by the SEC, alleges that Coinbase offered and sold crypto assets through its platform and Prime service to Oregon residents without registering with the state.

The complaint covers a wide range of assets, including cryptocurrencies, stablecoins, and decentralized finance (DeFi) tokens. Among the listed assets are Algorand (ALGO), Cardano (ADA), Solana (SOL), and Link (LINK).

According to the lawsuit, Coinbase’s platforms enabled the purchase, sale, exchange, and derivative transactions of crypto assets using U.S. dollars, fiat currencies, or other crypto assets.

“Each unit of a listed asset trades at the same price as another unit of that same asset,” the lawsuit adds. “There is no minimum investment in any of the listed assets.”