俄勒冈州监管机构加大了对Coinbase的法律压力，指控该平台实现了未注册证券的非法交易。

该案件的范围范围引起了行业内部人士的注意，范式的贾斯汀·斯劳特（Justin Slaughter）是前SEC和CFTC顾问，强调了其监管意义。

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

俄勒冈州监管机构加大了对Coinbase的法律压力，指控该平台实现了未注册证券的非法交易。

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.

根据最近的投诉，州官员声称，根据俄勒冈州法律，该交易所的零售和主要服务促进了31个被视为未注册的令牌。

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.

该案的全面范围引起了行业内部人士的关注，范式的贾斯汀·史莱特（Justin Slaughter）是前SEC和CFTC顾问，强调了其监管意义。

“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.”

“俄勒冈州AG诉讼……实际上涵盖了比SEC投诉要多的代币，有31个令牌声称是未注册的证券，包括Uni，Aave，Flow，Link，Link，MKR，MKR甚至XRP。这是一项真正的厨房水槽诉讼。”

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，俄勒冈州检察长丹·雷菲尔德（Dan Rayield）已针对Coinbase提起诉讼，指控美国公开交易违反俄勒冈州的证券法。

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.

为了回应，俄勒冈州司法部于4月18日宣布了法律诉讼，以此作为回应其视为特朗普政府期间联邦机构留下的监管空隙的回应。

The department said,

该部门说，

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

“各州必须填补在特朗普政府下放弃这些案件的联邦监管机构留下的执法真空。”

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.

不用说，Coinbase的首席法律官Paul Grewal并没有阻止他对俄勒冈州法律挑战的批评，在4月22日的职位上表达了明显的挫败感。

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.

话虽这么说，尽管Ripple最近从SEC遭受了部分法律缓刑，但该诉讼特别呼应了监管斗争，在据称以未注册证券出售的代币中命名了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.

经过漫长的三年战斗，SEC在三月份对Ripple的诉讼放弃了，旨在将资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，缺乏对XRP作为安全状况的确切裁决，使加密货币行业处于法律不确定性的状态。

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似乎正在获得一些法律上的清晰度一样，Coinbase正在通过在其衍生品平台上列出XRP期货的扩展，这是一个令人惊讶的发展。

The Alabama Securities Commission has quietly withdrawn its lawsuit against the exchange, pausing what had been a growing wave of state-led enforcement.

阿拉巴马州证券委员会已悄悄地撤回其针对交易所的诉讼，暂停了越来越多的国有领导的执法浪潮。

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

该案件指责Coinbase的股份服务构成了未注册的证券产品，其语调与俄勒冈州目前的指控相似。

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.

这些举动共同强调了一个零散的监管景观，一个国家退缩了，而另一个州则升级，而加密货币公司则在一个复杂的，通常是矛盾的法律风险拼布中行驶。