俄勒岡州監管機構加大了對Coinbase的法律壓力，指控該平台實現了未註冊證券的非法交易。

該案件的範圍範圍引起了行業內部人士的注意，範式的賈斯汀·斯勞特（Justin Slaughter）是前SEC和CFTC顧問，強調了其監管意義。

Oregon regulators have ramped up legal pressure on Coinbase, alleging the platform enabled illegal trading of unregistered securities.

俄勒岡州監管機構加大了對Coinbase的法律壓力，指控該平台實現了未註冊證券的非法交易。

According to a recent complaint, state officials claim the exchange’s retail and Prime services facilitated transactions in at least 31 tokens deemed unregistered under Oregon law.

根據最近的投訴，州官員聲稱，根據俄勒岡州法律，該交易所的零售和主要服務促進了31個被視為未註冊的令牌。

The case’s sweeping scope has caught the attention of industry insiders, with Paradigm’s Justin Slaughter, former SEC and CFTC adviser, emphasizing its regulatory significance.

該案的全面範圍引起了行業內部人士的關注，範式的賈斯汀·史萊特（Justin Slaughter）是前SEC和CFTC顧問，強調了其監管意義。

“The Oregon AG suit … 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.”

“俄勒岡州AG訴訟……實際上涵蓋了比SEC投訴要多的代幣，有31個令牌聲稱是未註冊的證券，包括Uni，Aave，Flow，Link，Link，MKR，MKR甚至XRP。這是一項真正的廚房水槽訴訟。”

For context, Oregon Attorney General Dan Rayield had filed a lawsuit against Coinbase, accusing the publicly traded U.S. exchange of breaching Oregon’s securities laws.

就上下文而言，俄勒岡州檢察長丹·雷菲爾德（Dan Rayield）已針對Coinbase提起訴訟，指控美國公開交易違反俄勒岡州的證券法。

In response to which, the Oregon Department of Justice announced the legal action on the 18th of April, framing it as a response to what it sees as a regulatory void left by federal agencies during the Trump administration.

為了回應，俄勒岡州司法部於4月18日宣布了法律訴訟，以此作為回應其視為特朗普政府期間聯邦機構留下的監管空隙的回應。

The department said,

該部門說，

“States must fill enforcement vacuum being left by federal regulators who are abandoning these cases under Trump administration.”

“各州必須填補在特朗普政府下放棄這些案件的聯邦監管機構留下的執法真空。”

Needless to say, Coinbase’s Chief Legal Officer, Paul Grewal, didn’t hold back his criticism of Oregon’s legal challenge, expressing clear frustration in a post on 22nd April.

不用說，Coinbase的首席法律官Paul Grewal並沒有阻止他對俄勒岡州法律挑戰的批評，在4月22日的職位上表達了明顯的挫敗感。

The inclusion of XRP

包括XRP

That being said, the lawsuit notably echoes past regulatory battles, naming Ripple [XRP] among the tokens allegedly sold as unregistered securities, despite Ripple’s recent partial legal reprieve from the SEC.

話雖這麼說，儘管Ripple最近從SEC遭受了部分法律緩刑，但該訴訟特別呼應了監管鬥爭，在據稱以未註冊證券出售的代幣中命名了Ripple [XRP]。

After a lengthy three-year battle, the SEC dropped its lawsuit against Ripple in March, aiming to focus its resources on other cases.

經過漫長的三年戰鬥，SEC在三月份對Ripple的訴訟放棄了，旨在將資源集中在其他案件上。

However, the lack of a definitive ruling on XRP’s status as a security left the crypto industry in a state of legal uncertainty.

但是，缺乏對XRP作為安全狀況的確切裁決，使加密貨幣行業處於法律不確定性的狀態。

Just as XRP appeared to be gaining some legal clarity, and Coinbase was expanding by listing XRP futures on its derivatives platform, a surprising development emerged.

就像XRP似乎正在獲得一些法律上的清晰度一樣，Coinbase正在通過在其衍生品平台上列出XRP期貨的擴展，這是一個令人驚訝的發展。

The Alabama Securities Commission has quietly withdrawn its lawsuit against the exchange, pausing what had been a growing wave of state-led enforcement.

阿拉巴馬州證券委員會已悄悄地撤回其針對交易所的訴訟，暫停了越來越多的國有領導的執法浪潮。

That case had accused Coinbase’s staking services of constituting unregistered securities offerings, similar in tone to Oregon’s current allegations.

該案件指責Coinbase的股份服務構成了未註冊的證券產品，其語調與俄勒岡州目前的指控相似。

Together, these moves highlight a fragmented regulatory landscape, where one state backs off while another escalates, leaving crypto firms navigating a complex, often contradictory patchwork of legal risks.

這些舉動共同強調了一個零散的監管景觀，一個國家退縮了，而另一個州則升級，而加密貨幣公司則在一個複雜的，通常是矛盾的法律風險拼布中行駛。