俄勒冈州起诉Coinbase未注册的XRP和其他30个代币作为证券

俄勒冈州检察长丹·雷菲尔德（Dan Rayfield）于4月18日对Coinbase提起诉讼，指控提供XRP和其他30个代币作为未注册证券的平台。

Oregon Attorney General Dan Rayfield has filed a lawsuit against Coinbase, accusing the crypto platform of offering XRP and 30 other tokens as unregistered securities, according to the Oregon Department of Justice on April 18.

俄勒冈州司法部于4月18日称，俄勒冈州检察长丹·雷菲尔德（Dan Rayfield）已针对Coinbase提起诉讼，指控加密货币平台提供XRP和其他30个代币作为未注册的证券。

The lawsuit, filed in an Oregon state court, claims that Coinbase violated the state’s securities law by making these crypto assets available for trading without proper registration. The department highlighted that federal authorities have been slow to fill the regulatory vacuum in the crypto industry, necessitating action at the state level.

该诉讼在俄勒冈州法院提起，声称Coinbase违反了该州的证券法，通过使这些加密资产可用于未经适当注册的情况下进行交易。该部强调，联邦当局填补加密货币行业的监管真空的缓慢，需要在州一级采取行动。

“This case is a necessary consequence of federal regulators abandoning their cases, which began under the Trump administration, to fill the regulatory vacuum being left by federal authorities, leaving the state to intervene,” the department said in its official release.

该部门在正式释放中说：“此案是联邦监管机构放弃其案件的必要结果，该案件始于特朗普政府，以填补联邦当局留下的监管真空，使该州进行干预。”

The lawsuit follows a period of increased oversight by U.S. states over crypto platforms, contrasting with the slower pace of federal enforcement.

该诉讼是在美国各州在加密平台上的监督时期增加的时期，与联邦执法的速度较慢形成鲜明对比。

Coinbase Case Includes XRP and Major Tokens

Coinbase Case包括XRP和主要令牌

The lawsuit names Coinbase, a U.S.-based cryptocurrency exchange and publicly traded company, as the defendant. It focuses on Coinbase's handling of XRP and other significant tokens. The lawsuit mentions Aave (AAVE) at $151.68, Avalanche (AVAX) at $21.61, Uniswap (UNI) at $5.60, and Near Protocol (NEAR) at $2.29.

诉讼名称Coinbase是美国的加密货币交易所和公开交易的公司，作为被告。它着重于Coinbase对XRP和其他重要令牌的处理。该诉讼称AAVE（AAVE）的价格为151.68美元，雪崩（Avax）的价格为$ 21.61，UNISWAP（UNI）的价格为5.60美元，靠近协议（接近）为2.29美元。

It also lists wrapped LUNA (wLUNA), a derivative of the defunct Terra (LUNA) project. However, the complaint does not include LUNA itself, and the reason for this exclusion is not explained in the filing.

它还列出了包裹的Luna（Wluna），这是已已的Terra（Luna）项目的衍生产品。但是，投诉不包括Luna本身，并且在备案中没有解释此排除的原因。

Justin Slaughter, Paradigm's Vice President of Regulatory Affairs, described the lawsuit as a "kitchen sink" case due to the broad range of assets covered. The complaint targets trading through both the Coinbase Platform, accessible to retail investors, and Coinbase Prime, catering to institutional clients.

范式监管事务副总裁贾斯汀·斯拉特（Justin Slaughter）将诉讼称为“厨房水槽”案件，因为涵盖了广泛的资产。投诉针对通过Coinbase平台（散户投资者访问）和Coinbase Prime的销售，以迎合机构客户的价格进行交易。

"Coinbase—through the Coinbase Platform and Prime—has made available for trading in Oregon crypto assets that are offered and sold as investment contracts, and thus as securities," the lawsuit asserts.

诉讼称：“通过Coinbase平台和Prime，Coinbase可以在俄勒冈州的加密货币资产上进行交易，这些资产可作为投资合同提供和出售。”

The case also includes an assertion that Coinbase was notified as early as December 2020 about the SEC case targeting Ripple Labs and XRP. This notification allegedly occurred during an SEC roundtable on cryptocurrency and the federal securities law.

该案件还包括一个断言，即最早在2020年12月，就针对Ripple Labs和XRP的SEC案件通知了Coinbase。据称，该通知发生在SEC圆桌会议上，在加密货币和《联邦证券法》上。

The lawsuit's emphasis on XRP ties into a high-profile case brought by the U.S. Securities and Exchange Commission (SEC) in December 2020. The SEC accused Ripple Labs of raising $1.3 billion through an unregistered securities offering.

该诉讼对XRP的重视与2020年12月美国证券交易委员会（SEC）提起的一个备受瞩目的案件联系在一起。SEC被指控Ripple Labs通过未注册的证券提供筹集了13亿美元。

This case, which finally concluded in March 2025, focused on classifying XRP as a security. While the SEC dropped its claims against Ripple executives, the closure of that lawsuit did not bring clear answers about the legal status of XRP. Now, Oregon's action puts XRP under legal review once again.

此案最终于2025年3月结束，重点是将XRP分类为安全。尽管SEC撤销了对Ripple高管的索赔，但该诉讼的关闭并未给XRP的法律地位带来明确的答案。现在，俄勒冈州的行动再次使XRP再次受到法律审查。

Paul Grewal, Coinbase's Chief Legal Officer, responded on April 21 with a post on X, formerly Twitter, expressing concern about the legal strategy being employed by the state of Oregon.

Coinbase首席法律官Paul Grewal于4月21日在X（以前是Twitter上的帖子）上回应，对俄勒冈州采用的法律策略表示关注。

"It feels like the state of Oregon is putting a substantial amount of time and energy into a case that may ultimately be decided by a federal court in any event," Grewal wrote.

格雷瓦尔写道：“感觉俄勒冈州正在将大量的时间和精力投入到最终由联邦法院决定的案件中。”

Just days after this statement, Coinbase added XRP futures to its derivatives platform on April 21. The introduction of these futures, along with futures contracts for other crypto assets like BTC, ETH, and LTC, was announced in March 2025.

在此声明后几天，Coinbase将于4月21日在其衍生品平台上添加了XRP期货。这些期货的引入，以及2025年3月的BTC，ETH和LTC等其他加密资产的期货合约。

The complaint's inclusion of wrapped tokens like wLUNA, but not core tokens like LUNA, despite the lawsuit covering the period from 2019, raises questions. The filing does not provide a technical or regulatory explanation for this selection.

该投诉包括像Wluna这样的包裹代币，但没有像Luna这样的核心令牌，尽管涉及2019年以来的这一时期的诉讼引发了问题。该文件不为此选择提供技术或法规解释。

This could affect how courts and regulators assess derivative tokens, especially in the context of a collapsed project or tokens tied to external chains. For instance, wLUNA is a token on the Ethereum chain despite LUNA being on Terra.

这可能会影响法院和监管机构如何评估派生令牌，尤其是在崩溃的项目或与外部链条绑定的令牌的背景下。例如，尽管露娜（Luna）在Terra上，但Wluna还是以太坊链上的象征。

The lawsuit also does not explain why some crypto assets were named while others were left out. The case is expected to examine whether these digital assets qualify as investment contracts, which under state law would label them as securities.

该诉讼还不能解释为什么命名一些加密资产而其他资产被排除在外。该案有望检查这些数字资产是否符合投资合同的资格，根据州法律将其标记为证券。

This lawsuit is one of several recent state-led efforts to enforce securities rules in the crypto sector, as state officials have voiced concern over reduced federal enforcement, particularly from the SEC.

这项诉讼是最近在加密货币部门执行证券规则的最近几项努力之一，因为州官员对减少联邦执法的关注表示关注，尤其是从SEC发出。

While the court has yet to set a trial date, the case could shape how states interpret crypto regulations independently. If more states follow Oregon's legal approach, Coinbase and other platforms could face increased scrutiny.

尽管法院尚未设定审判日期，但此案可以塑造国家如何独立解释加密法规。如果越来越多的州遵循俄勒冈州的法律方法，Coinbase和其他平台可能会面临更多的审查。