When Lawsuits Throw Everything but the Kitchen Sink at Crypto 🎭💾

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Ah, XRP emerges again from the shadows of legal limbo, much like an unwanted guest at a soirĂ©e who simply refuses to take the hint. Oregon, with the subtlety of a bull in a china shop, has decided to sue Coinbase, accusing it of flaunting unregistered securities like they’re the toast of the town—listing XRP among 31 illustrious tokens allegedly breaking state laws with flair worthy of a courtroom drama.

In this never-ending opera of regulation, Oregon’s lawsuit against the crypto exchange Coinbase resurrects the age-old classification: securities. Over 30 darlings of the blockchain ball, including our old friend XRP, are once again summoned to the witness stand, as announced by Paradigm’s vice president of regulatory affairs, Justin Slaughter, who seems to find merriment in the theatricality.

“More to come, but one thing that jumps out about the Oregon AG suit is it 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.”

— Justin Slaughter (@JBSDC) April 21, 2025

In a public declaration on X, Slaughter shared a snippet of the complaint, revealing that Coinbase has generously made these crypto “assets” available for trading in Oregon—and, oh, what a scandal! The tokens are allegedly offered as securities, no less.

The complaint cheerfully catalogs dozens of assets by their stage names: Aave (AAVE), Cardano (ADA), Algorand (ALGO), Solana (SOL), Uniswap (UNI), and the ever persistent XRP. The suit insists Coinbase, via both its Platform and Prime, has served these tokens up for trade in Oregon—offered and sold as “investment contracts,” a phrase that may tempt one to break into a chorus of “Money, Money, Money” đŸŽ¶.

These assets can be bartered for “consideration,” which legalese translates to folks parting with U.S. dollars, fiat currencies, or even other crypto assets—because why not make the drama multifaceted?

The piĂšce de rĂ©sistance: each unit of these storied tokens “trades at the same price as another unit of that same asset.” How delightfully mysterious—no insider pricing favors here, ticker tape enthusiasts!

Not to be overshadowed, the SEC took a gracious exit from its Coinbase case in February 2025, throwing the theatrical baton back into the Oregon court’s hands. Coinbase’s chief legal officer, Paul Grewal, dubbed this lawsuit a “copycat,” warning it might gum up the bipartisan gears laboring to birth national crypto laws. One wonders if next they’ll sue for disruptive breath.

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2025-04-22 15:02