Oregon AG Lists XRP and 30 Other Cryptos as "Unregistered Securities" in Lawsuit Against Coinbase

Oregon's Attorney General (AG) has listed XRP and 30 other cryptocurrencies as alleged “unregistered securities” in its state-level complaint against Coinbase.

Oregon’s Attorney General (AG) has listed 30 other cryptocurrencies in his state-level complaint against Coinbase. The lawsuit follows the Securities and Exchange Commission (SEC)’s decision to drop its case against the crypto exchange, which has led industry figures and investors to call the move unlawful and “politically motivated.”

As previously reported, Rayfield filed his complaint against Coinbase on April 18, alleging the US-based crypto exchange had violated the Oregon securities law by facilitating the sale of unregistered cryptocurrencies to the state’s residents.

The court document, filed in in Multnomah County Circuit Court, states that the crypto exchange “has continuously and repeatedly violated the Oregon Securities Law, which ascribes liability to persons ´who [s]ell[] or successfully solicit[] the sale of a security … in violation of the Oregon Securities Law' (ORS 59.115(1)(a)), as well as to persons who ‘participate[] or materially aid[] in the sale' (ORS 59.115(3)).”

The lawsuit claims that the crypto exchange offered and sold 31 cryptocurrencies as investment contracts. The list includes AAVE, ADA, ALGO, AMP, APE, ATOM, AVAX, AXS, CHZ, COMP, DASH, DDX, EOS, FIL, FLOW, ICP, LCX, LINK, MATIC, MIR, MKR, NEAR, POWR, RLY, SAND, SOL, UNI, VGX, WLUNA, XRP, and XYO.

For context, the SEC sued Coinbase in June 2023, claiming the platform was an unregistered securities exchange. The regulatory agency argued that the exchange operated as an unregistered broker-dealer and illegally sold unregistered securities through its staking program. Nonetheless, the lawsuit was dismissed in February 2025.

Coinbase’s Chief Legal Officer (CLO), Paul Grewal, stated that “no matter your asset or project,” the Oregon AG has “accused you of violating securities laws and fleecing your token holders.” In his Monday post, he added that the exchange had notified around 560,000 of its users in Oregon “about the unlawful action taken in their name.”

Last week, Grewal called the lawsuit an “embarrassing waste of Oregon taxpayer dollars.” As the Coinbase executive explained, the state AG’s office decided to pursue an action despite the fact that Judge Torres ruled in favor of Ripple in December 2023.

Rayfield argues that Coinbase sold high-risk investments without being properly vetted to protect consumers, causing significant losses for Oregonians. Nonetheless, Grewal has criticized the legal action, suggesting the lawsuit is politically motivated after the complaint omitted key details.

Look no further than section 9, where it 1) omits Judge Failla’s order granting interlocutory appeal of the @SECGov case; 2) omits any mention of Judge Torres’ decision in XRP; and 3) bears the stamp of the two private law firms brought on to profit from this suit; 4) labels the Chairman of the SEC as a “crypto lobbyist” and 5) decries the reassignment of Gensler's lead lawyer to the IT department. Not exactly subtle.

Coinbase’s CLO has also stated that the Attorney General’s office had “made it clear” that they were “literally picking up where the Gary Gensler SEC left off.” Grewal considers that Oregon AG’s “copycat case” is attempting to “resurrect” the Commission’s long-criticized regulatory approach, which was recently dropped.

Notably, the SEC has pivoted from its “regulation by enforcement” strategy to oversee the sector under the crypto-friendly Trump administration. As part of its shift, the regulatory agency has scaled back on its special crypto enforcement unit, closed or paused most of its major litigations, and created the Crypto Task Force to oversee the establishment of a comprehensive regulatory framework.