The status of cryptocurrency law is actually clarified in the United States – in Oregon it was apparently not noticeable
- The Attorney General of the northwestern US state Oregon sued the CryptoBörse Coinbase for trade in non-registered securities-XRP is also affected.
- Coinbase, the situation is clarified by the failure of the SEC lawsuit against Ripple to be at the federal level and speaks of a lack of legal basis for the lawsuit.
Dan Rayfield, Attorney General from Oregon, has filed a lawsuit against the Coinbase crypto exchange, which claims that the company had violated state financial laws through the offer of non-registered securities. The Complaint refers to 31 cryptocurrencies, including XRP.
As CNF reported, Coinbase rejected all accusations and described the lawsuit as the “recycled version” of a rejected federal procedure. The lawsuit comes at a time when the crypto industry has achieved several legal success at the federal level.
Oregon extends former federal action
Journalist’s Eleanor Terrett reported that Oregon’s lawsuit continues than that of the US stock exchange supervision SEC from the end of 2023, in which “only” 13 cryptocurrencies were called.
In contrast, Oregon identified 31 TOKEN as non -registered securities, including XRP and university. The SEC had previously excluded XRP from its complaints because it was not listed at Coinbase at that time. Coinbase had taken out XRP 2021 against Ripple against Ripple, but resumed it in July 2023 after the first instance judgment has been issued.
This was done after a New York Federal Supreme Court decided that XRP was not a security if it was sold to small investors via stock exchanges. That was a great victory for XRP, and the SEC withdrew its initially submitted application for appeal this year. Now the lawsuit in Oregon has again questioned XRP’s status.
The Chief Legal Officer from Coinbase, Paul Grewal, reacted by describing the lawsuit as the superfluous new edition of the failed SEC lawsuit. Grewal criticized the state’s approach and said that Oregon said the strategy of “regulation through compulsory measures” by former SEC chairman Gary Gensler continued. He said the lawsuit was unfounded and pointed out that a federal court had already created clarity about the classification of XRP.
Community defends XRPS current legal position
The XRP community takes the decision from Oregon calmly. Community member Ashley Prosper says that XRP is protected by several legal and institutional facts. It refers to the judgment of 2023 that the public sales of XRP are not securities sales. Prosper also refers to the ongoing comparison talks between Ripple and the SEC as proof of the clarified question of regulation. She further said that the upcoming legislation of the congress would finally strengthen the regulation of XRP. According to Prosper, all this XRP puts it into a better legal position than many of his competitors.
Justin Slaughter, VP of Regulatory Affairs from Paradigm, agrees. He says that the classification of XRP as securities by Oregon ignores the existing federal court judgment.
Since the legal interpretations at the federal and state level of Duchaus can deviate from each other, the case of Coinbase in Oregon is a test for how far state regulatory authorities can question the federal government’s crypto classifications.
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